A group of cryptocurrency investors who banded together as ConstitutionDAO, and raised $47 million to buy a rare, first-edition copy of the U.S. Constitution at a Sotheby’s auction has lost the bid, and what happens to the money is now up to the members of the DAO.
The rare copy of the U.S. Constitution sold for $43.2 million. The group stopped short of making the winning bid as they needed to account for costs associated with “proper care and maintenance” of the document.
ConstitutionDAO wrote in its frequently asked questions section the funds would be redeemable, minus a transaction fee. A contributor to the DAO, Alice Ma, has said that the organization will “for sure” provide everyone “an option for a refund.” Some investors, Ma said, have revealed they want to keep their funds in the DAO’s wallet.
On social media, some members discussed what to do with the funds, with some suggesting they should be saved for future auctions. The next steps will now be determined by members of the DAO, a decentralized autonomous organization.
A DAO is an internet-native organization with no central leadership, in which decisions are made from the bottom-up by its stakeholders. DAOs are organized around specific rules enforced by blockchain technology.
Source: https://www.cryptocompare.com/email-updates/daily/2021/nov/19/
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