A group of cryptocurrency investors has taken the US Constitution’s notion of “We the People” to the next level. They pooled money to try to buy a rare copy of the document – and claimed to have raised US$40 million (about R$220 million) for it.
But despite the large amount of money raised, the group was unable to buy the document.
Sotheby’s auction house sold one of the first copies of the US Constitution on Thursday for $41 million (about R$225 million).
A group known as the “Constitution DAO” said they wanted to buy the object and planned to partner with another entity to display it. But after the auction, the group released a statement indicating that it failed.
“Although this is not the result we were hoping for, we still made history tonight. This is the largest cryptocurrency crowdfunding for a physical object that we know of. We are extremely grateful to have done this together with all of you and are still in shock that we have come this far.”
The group said that those who contributed funds “may get a refund of their value.”
In case you are wondering what DAO means, it means “decentralized autonomous organization”. DAOs are configured using the blockchain, the main tool of bitcoin and other cryptocurrency transactions.
Investors who contributed to Constitution’s fund have extensively used the ethereum, the second most valuable cryptocurrency in the world, to pay for their share of the offering.
Supporters of the organization had supported the offer on Twitter, with an enthusiastic and patriotic poster featuring nine tweets that featured the entire preamble of the Constitution in capital letters.
Prior to the auction, Sotheby’s website listed an estimated selling price of $15 million to $20 million (about $80 million to $110 million) for the document, believed to be one of the remaining thirteen copies of the document.
Cryptocurrencies are becoming increasingly popular payment methods in the art world.
Sotheby’s, in particular, has embraced bitcoin and ethereum as a way for collectors to bid on artwork and other items. Earlier this year, Sotheby’s said it would accept bitcoin or ether as payment for a work by popular street artist Banksy.
Reference: CNN Brasil
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