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Winter 2023

DNR DAO or Crypto for Constitution, please 

Back in 2021, a consortium of crypto investors known as ConstitutionDAO, pulled together more than $40 million worth of ether in a week to try to buy a rare, first-edition copy of the U.S. Constitution at a Sotheby’s auction — and lost. Despite the substantial amount of money raised, the group failed to buy the document. Auction house Sotheby’s sold an early copy of the Constitution for $41 million. With fees and buyer’s premium included, the final price was $43.2 million. The group tweeted a statement indicating they didn’t win the auction. “While this wasn’t the outcome we hoped for, we still made history tonight with ConstitutionDAO. This is the largest crowdfund for a physical object that we are aware of — crypto or fiat. We are so incredibly grateful to have done this together with you all and are still in shock that we even got this far.” The group said those who contributed funds “will be able to get a refund of your pro rata amount (effectively minus gas fees) through Juicebox.” More about the story of ConstitutionalDAO or doubt.