November 15, 2021

DAO collects ETH to buy an early copy of the U.S. Constitution

DAO collects ETH to buy an early copy of the U.S. Constitution

ConstitutionDAO is a new autonomous decentralized organization that aims to purchase one of the first copies of the U.S. Constitution. To do so, the organization is trying to raise about $20 million, the maximum estimate of the lot that Sotheby's auction house has put up for sale.

During the auction, which will be held on November 18 in New York, one of the thirteen surviving early copies of the U.S. Constitution will be presented. A total of 500 copies were released. According to Shelby Kieffer, senior vice president of Sotheby's, only two such copies are in the possession of private collectors. The auction house estimates the early copy of the U.S. Constitution at $15-$20 million.

To buy this unique lot, a group of enthusiasts launched ConstitutionDAO to raise $20 million in ETH. And cryptocurrency trading exchange FTX will be willing to exchange the collected cryptocurrencies for dollars. This was announced by Brett Harrison, president of the U.S. division of the exchange FTX.US.

At the moment, ConstitutionDAO is technically an incomplete autonomous decentralized organization, as there is currently no digital asset uniting all members of the organization. However, according to one of the representatives of ConstitutionDAO, such a token will be issued.

In keeping with the moral values and spirit of Web3, we plan to buy the U.S. Constitution and find it a home among the world's most important artifacts. We want to preserve this document so that it will be available to all people. As for ownership rights, they will, of course, be held by DAO members. We will share that right with NFT or other digital assets, one of the project's organizers, Graham Novak, wrote on Discord.

At the same time, Sotheby's representatives said that if the organization manages to raise the necessary funds, the auction house will accept the balance of the wallet with ETH as proof of the necessary funds.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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