Silver Linings Abound as Constitution DAO Falls Short in USD 47M Sotheby’s Bid

Adoption DAO Ethereum Investing USA

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated: 

October 23, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

An audacious attempt to buy one of the few surviving copies of the United States Constitution by a decentralized autonomous organization (DAO) fell short of what would have been a dramatic victory for the crypto space – losing out in an auction at Sotheby’s.

Regardless, there was plenty of positivity for the DAO, which became known as Constitution DAO, and raised over USD 47m worth of ethereum (ETH) in the space of around a week, per Juicebox data. In a statement published on Twitter, the DAO’s masterminds wrote that “while this wasn’t the outcome we hoped for, we still made history tonight.”

They wrote that the attempt was “the largest crowdfund for a physical object that we are aware of” in “crypto or fiat.”

Furthermore, they pointed out that “Sotheby’s has never worked with a DAO community before,” and claimed that it had “educated an entire cohort of people around the world – from museum curators and art directors to our grandmothers.”

They claimed that a large range of non-crypto folk had been “asking us what ETH is when they read about us in the news.”

The masterminds added that 17,437 donors had contributed funds, with a “median donation size of USD 206.26.” Crucially, they noted, a “significant percentage of these donations came from wallets that were initialized for the first time.”

However, most of these wallet holders will now be going home empty-handed – although the DAO promised to refund participants their “pro rata amount, effectively minus gas fees” through the Juicebox platform, adding that “more details about this” would be forthcoming.

The masterminds also wrote that they had “memed” the attempt “into reality,” and won acclaim from major players in the space.

The digital artist Beeple called the attempt a “valiant effort” and commented:

“I think this is the beginning of something big.”

_____

Watch the auction below (starts at around 9:50):