A group of crypto investors launched ConstitutionDAO as a decentralized autonomous organization (DAO) with the aim of buying at auction a rare first-edition copy of the U.S. Constitution.
The document on Sotheby’s site is one of 13 surviving copies from the first print run of 500, printed for the Continental Congress and delegates to the Constitutional Convention in 1787.
The lot is valued at $15–$20 million; bidding will take place on 18 November.
The ConstitutionDAO community intends to raise $20 million and win the auction to place the historical document in a museum.
“ConstitutionDAO is seeking a respected partner for public display of the Constitution. The partner should have experience in proper placement, storage, and care of the artifact. Furthermore, the community strongly prefers institutions that are free to the public and prepared to cover costs associated with the document’s installation,” the project’s website says.
The DAO uses a multisignature wallet, Gnosis Safe, into which participants deposit ether and receive governance tokens in return. The coins do not confer ownership of the artifact, but grant a voice in decisions over its display.
As of writing, the community has raised 2622.277 ETH (about $10.8 million), representing 54% of the target.
Explaining the rationale for a DAO structure, the ConstitutionDAO team noted:
“Decentralization and cryptocurrencies (Web 3) have created structures that allow people to self-govern with an unprecedented level of autonomy and freedom. It is entirely appropriate that we use this technology to honor and safeguard the greatest historical instrument of human rights and governance — the U.S. Constitution.”
If ConstitutionDAO does not win the auction, all funds will be returned to contributors.
As reported, Sotheby’s announced an auction of two Banksy works. Bidders will be able to bid in Ethereum alongside fiat currency.
For the first time in May 2021, the auction house conducted auctions with the option to use cryptocurrencies. The lot was also a Banksy work.
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