A hedge fund CEO had a better auction haul than ConstitutionDAO, though it raised more than $40 million.
Despite being close to acquiring the document, a group of cryptocurrency enthusiasts was unable to purchase it, which was bought for $43.2 million by a hedge fund CEO.
The group was disillusioned, however, when they realized they had failed because they did not have enough reserves to maintain the document on an ongoing basis.
Despite this not being the outcome we expected, the group thanks the community for getting involved in the auction with ConstitutionDAO. "We are so grateful to have done this together with you all and still in shock that we even got this far."
Griffin plans to loan the document to the Crystal Bridges Museum of American Art in Bentonville, Arkansas, the following day. Sotheby's confirmed Griffin's win the next day.
While ConstitutionDAO wasn't successful, the project was an excellent example of cryptocurrency crowdfunding. The group came together in less than a week, leaving open questions such as where the document would be displayed and whose it would be owned by.
In addition to being a decentralized autonomous organization that runs on a blockchain, the DAO manages member contributions through automated codesets.
Initially, it looked like financial performance art, complete with insider memes and hashtags. By Thursday morning, the group had raised more than $40 million, twice the range of $15 million to $20 million at which S&P had been quoted.
The copy of the Constitution was bought by Dorothy Tapper Goldman in 1988 for $165,000, and proceeds will be donated to the Dorothy Tapper Goldman Foundation, which is dedicated to the basic needs of the community.
With this bid, many will be familiarized with ether, along with bitcoin, one of the world's two largest cryptocurrencies. ConstitutionDAO funded its bid with ether, which runs on the Ethereum blockchain. Two other lots at Sotheby's auction -
The group is not the first cryptocurrency collective to purchase an artifact. PleasrDAO said in October that it had acquired a single copy of Wu-Tang Clan's Once Upon a Time in Shaolin.
ConstitutionDAO received more than 17,500 contributions with a median contribution of $206.26. Participants can get refunds minus network charges.
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