The online group, ConstitutionDAO, failed in its offer to buy the last printed copy of the 1st edition of the US Constitution at Sotheby’s public auction on Thursday.
“The Official Edition of the United States Constitution” was instead won by an unknown bidder for $ 41 million (or $ 43.2 million after auction fees), which means the DAO failed. in its historic attempt to put it “in the hands of the people”. “
The news broke in an announcement on the official Discord. “While not the outcome we hoped for, we still made history tonight,” the post read.
This specific copy is one of thirteen copies of the official edition of the Constitution of the Constitutional Convention. It was first purchased at Sotheby’s by the late real estate developer S. Howard Goldman in 1988 for $ 165,000. His widow Dorothy Goldman put it up for sale this year and has decided that the proceeds will go to the Dorothy Tapper Goldman Foundation.
Project participants started coming together just a week ago as a Decentralized Autonomous Organization, or DAO, to pool funds for the auction. In the hours leading up to the sale, ConstitutionDAO had raised more than $ 49 million in Ethereum donations collected through Juicebox, a platform for Ethereum-based community projects.
In return for donations, the 17,437 donors received governance tokens called PEOPLE. These do not provide fractional ownership, but rather give token owners the opportunity to vote on proposals regarding structure, governance and operational direction.
Participants will now be able to have their contribution refunded via Juicebox.