ConstitutionDAO, a decentralized autonomous organization (DAO), recently raised roughly $47 million in Ethereum for a unique attempt. They raised the money through more than 17,000 donors. Their intention was to buy one of only 13 original remaining copies of the US Constitution. The auction was held virtually by iconic British auction house Sotheby’s. They accepted the bids in ETH. It could be potentially the largest crowdfund for a physical object, according to ConstitutionDAO. It is also the first DAO that Sotheby’s has ever worked with. During the auction, the price of the Constitution was bid up to $43 million, reports said. However, DAO didn’t proceed as they have developed concerns that their funds are not adequate for giving proper care and maintaining the document.
“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,” ConstitutionDAO was quoted as saying by reports. Ken Griffin, CEO of hedge fund and financial services firm Citadel, emerged the winner of the auction. According to reports, Griffin has plans to lend the historic document to museums. He might lend it initially to the Crystal Bridges Museum of American Art in Bentonville, Arkansas. It once again indicated the significance of blockchain technology in the world and how rapidly people have recognized the potential of cryptocurrencies. Though some political leaders have raised concerns on the potential of blockchain technology to threaten the existence of prevailing economies, certain countries have come forward to welcome the adoption of new technologies in their countries.