A group of cryptocurrency fans lost a much-anticipated bid for the rare first edition of the US Constitution at Sotheby’s auction on Thursday.
The ConstitutionDAO group, a crazy weekly online crowdfunding campaign to bid on the work, which is one of only 13 copies known to exist. It raised more than $40 million for the tender in less than a week.
According to a Sotheby’s spokesperson, the final sale price was $43.2 million. The identity of the winner was not immediately known. Minutes after gavel, ConstitutionDAO He confirmed the loss on Twitter.
“While that wasn’t the outcome we hoped for, we still made history with ConstitutionDAO tonight,” he said, adding that donations from contributors will be refunded with minus fees.
In the Constitution, it is a new type of group known as a decentralized autonomous organization, managed by the owners of a cryptocurrency token, which stores its rules in blockchain-based “smart contracts”. The group was formed last week, and its last-minute effort to raise money for the auction has been a cause for celebration among online cryptocurrency fans.
Crypto-collectives have previously purchased high-priced artworks, including Wu-Tang Clan’s “Once Upon a Time in Shaolin” album. Purchasing $4 million last month by anonymous investor collective PleasrDAO. Had it won the auction, ConstitutionDAO would have made it the largest purchase ever made by a DAO and the first of such an important physical artifact.
The copy of the Constitution, previously sold by Sotheby’s, belonged to Dorothy Goldman, the widow of a New York real estate developer, who bought it for $165,000 in 1988. The auction house said the proceeds from the auction will go to the Dorothy Tapper Goldman Foundation.
Thursday night’s auction sparked frenzied excitement among ConstitutionDAO attendees, with thousands of people watching a livestream in support of the group’s bid. At first, it was unclear whether the winning bidder represented ConstitutionDAO and whether there were several people affiliated with the group. mistakenly claimed victory.
However, after the loss became clear, the weather in the group’s Discord chat went dark. While talking about getting their money back, some participants started making plans for the future.
“Okay, we didn’t get the Constitution,” wrote one user. “What are we going to bid on now?”