ConstitutionDAO Did Not Win the Auction. But It Demonstrated the Power of DAOs

November 19, 2021by Laura Shin

Will Papper, SyndicateDAO co-founder and ConstitutionDAO contributor, tells the story of how a group of internet friends came together as a DAO to crowdfund a $41 million bid at a Sotheby’s auction for a physical copy of the US Constitution. Show highlights:

• how Will and other ConstitutionDAO members feel after losing the auction
• the significance of ConstitutionDAO despite its loss
• whether Will knows who the other bidder was
• why museums began reaching out to ConstitutionDAO and seem to be excited about DAOs moving forward
• why there was so much confusion over who was the bidder for the DAO and whether it had won
• why ConstitutionDAO did not bid more than $41 million — even though the crowdfund was at nearly $50 million
• why ConstitutionDAO did not have a crypto-whale help keep the bidding war going
• how ConstitutionDAO plans to refund participants
• what Will thinks about using a layer 2 solution to refund ETH for ConstitutionDAO donations
• how the idea for ConstitutionDAO came about
• what role Will had in the formation of ConstitutionDAO
• what lessons can be learned from ConstitutionDAO
• what’s next for DAOs in general

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Episode Links

Will Papper

ConstitutionDAO

Sotheby’s Auction

ConstitutionDAO’s Statement After Losing Auction

Press