Crypto enthusiasts raised roughly $47 million in Ethereum in an attempt to buy a copy of the US Constitution at an art auction.
A decentralized autonomous organization (DAO) called ConstitutionDAO raised the money through more than 17,000 different donors with the goal of buying one of only 13 original remaining copies of the document.
The auction, held by iconic British auction house Sotheby’s, was held virtually and accepted bids in ETH.
According to ConstitutionDAO, it is the first DAO that Sotheby’s has ever worked with and potentially the largest crowdfund for a physical object they are aware of.
When the auction unfolded, the price of the Constitution was bid up all the way to $43 million before the DAO gave up out of concern that they wouldn’t have funds left over for proper care and maintenance of the document.
Says ConstitutionDAO,
“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.”
Shortly after ConstitutionDAO was ultimately outbid for the relic, it was revealed that the winner of the auction was billionaire Ken Griffin, CEO of hedge fund and financial services firm Citadel. Griffin reportedly plans on lending the historic document to museums, starting with the Crystal Bridges Museum of American Art in Bentonville, Arkansas.
