On Thursday the decentralized autonomous organization ConstitutionDAO lost Ownership by failing to win the printed copy of the US Constitution at Sotheby’s public auction. The lot was eventually sold by an independent bidder for $ 43.2 million.
The unique US Constitution at this auction is the first printed edition of any of the 13 remaining Constitution copies.
Before Sotheby’s public auction ConstitutionThe DAO community, a decentralized autonomous organization, raised more than $ 40 million in Ethereum in a week through the Discord social platform. Exactly, the organization did behaved Ether worth a total of $ 47 million from more than 17,000 Ethereum wallets. The organization claimed it “broke records for the most crowdfunding money in less than 72 hours”.
However, ConstitutionDAO failed to win the lottery and stopped the pace of additional funding when aAn unknown bidder won the lot with an estimated $ 41 million.
According to an organizer on the organization’s Discord server, the main reason the listing was lost is because the organization does not have enough capital to pay for the “proper upkeep” needed to keep it up and running.
In the official Discord announcement, a leader of the organization, Julian Weisser, pointed out that while this is not the result we hoped for, “we still made history tonight with ConstitutionDAO. This is the largest crowdfunding known to us for a physical object – crypto or fiat. “
DAO is known as a digital decentralized autonomous organization (DAO). The DAO served as a form of investor-run venture capital fund that aims to bring the company new decentralized business models based on the Ethereum blockchain.
This auction is the best example of the first crypto community to show their purchasing power in the real world. While unsuccessful, it also enabled more people to see the potential of cryptocurrency in real life.
The president of the FTX.US crypto exchange, Brett Harrison, gave his thoughts on this auction:
“I think seeing how powerful a DAO can get in a real-world transaction like this one will, in my opinion, show people that there is a lot of potential that people have only dreamed of that these types of organizations could model for the future governance could be. “
There is currently no specific plan as to how the funds will be used or returned and potentially used as funding for future auctions. DAO is managed by smart contracts that exist in the blockchain to automatically execute agreements without central authority.
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