Crypto investors lost an auction for $ 43 million on a rare copy of the US constitution

Hopes for one of the largest collective offers in the history of the Internet were dashed on Thursday, when a rare copy of the US Constitution was sold for $ 43.2 million to Sotheby’s, according to a press release. The winner remains unknown, and an internet team called Constitution DAO, which has openly announced its interest and raised more than $ 47 million, has admitted it is not the buyer.

The sold constitution is one of 13 existing copies of a seal made for the Constitutional Convention of 1787. In fact, to make it even more valuable, it is one of only two private copies.

According to the auction house Sotheby’s, the price was a record for printed text and it is not clear why ConstitutionDAO ‘was auctioned at this price, given that its campaign to fund people raised more than $ 47 million.

DAO Constitution hopes to put it in a museum or another public house; However, after the loss, she said on Twitter: “Community: We did not win the offer,” ConstitutionDAO said on Twitter, promising its 17,437 associates a refund minus transaction fees.

An experiment from the new era in management

To understand the ConstitutionDAO, you must first know what the DAO is. DAO or Decentralized Autonomous Organization is a type of online community that uses blockchain technology to enable members to make and vote on operational decisions. People can invest in DAO with cryptocurrency in exchange for tokens, which gives them a voice over what DAO invests in, and when they cash in, and with more tokens, they get more power.

Since DAO can be called a new era experiment in management, as reported by Forbes, a rare copy of the US Constitution was particularly appealing to the group. The group’s organizers, who revealed their identities at the time, first met a week ago and set a $ 20 million goal, the highest value of Sotheby’s initial estimate that the document could bring. They then began asking for donations on Sunday, organizing a word-of-mouth campaign via Twitter and other social media. And, According to On the edge, raised more than 47 million, but ultimately failed to deliver on its promise.

“Although this was not the result we had hoped for, we still made history tonight with ConstitutionDAO. This is the largest crowdfunding for a physical object that we are aware of – crypto or fiat, “said on Twitter.

Most recently, an NFT collector group, PleasrDAO, buy a different item with a high profile for $ 4 million last month, the one-of-a-kind digital album Wu Tang, originally purchased by pharmaceutical mogul Martin Shkreli.

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