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Friday, December 3, 2021

Cryptocurrency group loses its application for a copy of the US Constitution.

A group of cryptocurrency fans lost a long-awaited bid on a rare first edition of the U.S. Constitution at Sotheby’s Thursday.

The Constitution DAO Group ran an insane week-long online crowdfunding campaign to place a bet on the artifact, one of 13 known copies. In less than a week, the company raised over $ 40 million.

The final sale price was $ 43.2 million, a Sotheby’s spokesman said. The identity of the winner was not immediately known. Minutes after the hammer, Constitution of the DAO confirmed loss on Twitter

“While this was not the outcome we hoped for, we still made history tonight with the DAO Constitution,” the message said, adding that donations from contributors will be returned net of fees.

The DAO Constitution is a so-called decentralized autonomous organization, a new type of group that is governed by cryptocurrency token holders and enshrines its rules in smart contracts based on the blockchain. The group was formed last week, and its last-minute attempt to raise money for the auction has been the reason for the success among cryptocurrency fans on the Internet.

Crypto groups have bought high-value artwork before, including the Wu-Tang Clan’s Once Upon a Time in Shaolin, which was bought by anonymous investor group PleasrDAO last month for $ 4 million. If he had won the auction, the DAO Constitution would have made the largest purchase by the DAO and would have been the first such outstanding physical artifact.

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The copy of the Constitution, sold by Sotheby’s, was previously owned by Dorothy Goldman, the widow of a New York property developer, who bought it in 1988 for $ 165,000. The proceeds from the auction will go to Dorothy Tupper Goldman’s foundation, the auction house said.

Thursday night’s auction sparked a frenzy of buzz among ConstructionDAO attendees, with thousands of people watching the livestream to support the group’s proposal. It was initially unclear whether the winning bidder represented the DAO Constitution or not, and several people associated with the group falsely claimed victory.

But after the loss became apparent, the mood on the group’s Discord chat darkened. Talking about getting the money back, some members started making plans for the future.

“Okay, we didn’t get the Constitution,” wrote one user. “What are we going to bet on now?”

World Nation News Deskhttps://www.worldnationnews.com
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