Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
In the past few days, a decentralized autonomous organization called ConstitutionDAO has attracted much attention in the encryption circle. The organization plans to bid for a copy of the US Constitution through crowdfunding.
This morning, ConstitutionDAO issued an announcement announcing that the auction for a copy of the U.S. Constitution ended in failure. According to Sotheby's auction house announcement, the copy was eventually bid by a mysterious buyer for $43.2 million.
Regarding the reason for the failure of the auction, ConstitutionDAO explained that it was due to insufficient funds raised. It is understood that the project has attracted 17,437 users to participate in the past week, raising a total of 11,600 ETH, which is about 46.53 million U.S. dollars based on the current unit price of 4,000 U.S. dollars. However, considering that the auction not only needs to pay the commission of the auction house, but also bears the subsequent maintenance, storage, insurance and other costs of the copy of the constitution, it is difficult to meet the conditions for the funds raised.
"We have calculated the funds needed to meet the above requirements. We have reached the maximum limit. The other bidder has exceeded our tolerance limit. Our bid cannot be higher, so we stopped the auction." ConstitutionDAO explained in the community , "However, it needs to be emphasized that users who participate in the crowdfunding auction can get a proportional refund (minus the Gas fee), please look forward to our announcement details tomorrow."
The ConstitutionDAO project, launched a week ago, said on its Twitter account that it is trying to raise $20 million to bid on a rare copy of the US Constitution that is about to be auctioned off. This print is one of thirteen extant copies of the official version of the U.S. Constitution, one of 500 that were first submitted to the Continental Congress. Sotheby's said it was the first appearance of the constitution in its final form.
ConstitutionDAO plans to raise funds and bid through DAO. According to the original plan, if ConstitutionDAO wins the auction, the organization will cooperate with museums or historical societies to display the document in free public places. Subsequently, ConstitutionDAO started crowdfunding on the Ethereum Juicebox platform, and users who donate ETH to ConstitutionDAO can get a corresponding amount of PEOPLE tokens. The token enjoys the governance rights of ConstitutionDAO and decides the future development of the organization, including the display venue and exhibition method of the copy of the constitution, but does not enjoy the ownership of the copy of the constitution.
The constitutional auction crowdfunding quickly spread in the encrypted social circle and attracted the attention of all parties. Crypto exchange platform FTX said that, assuming the DAO wins the auction, it will convert cryptocurrencies raised by the project into U.S. dollars for purchases. In addition, a large number of crypto users actively participated. From November 15th to 18th, more than 11,000 ETH were raised in just three days, with a total of more than 17,000 addresses participating, and the median donation was $206, as shown below:
Although it ended in failure, the members of ConstitutionDAO believe that this trip is still full of meaning. "Sotheby's has never before partnered with the DAO community. We broke the record for the most crowdfunded funds in less than 72 hours. We've educated a whole bunch of people around the world — from museum curators and art directors to our Grandmothers, when they read about us in the news, ask us what ETH is - about the possibility of web3. On the other hand, many of you already know about the management in museums and collections like the US What it means to have an asset like the Constitution, or watch an art auction for the first time."
As for the community participating users, they are not very disappointed about this failure. "Performance art itself is meaningful, and it doesn't have to be successful to be considered a winner." Some users said.
