n July 2021, the sole copy of the Wu-Tang Clan’s “Once Upon A Time In Shaolin” was auctioned. The buyer was actually a group of people who joined forces in raising money to acquire the one-of-a-kind record…
DAO is the Decentralized Autonomous Organization which banded together to purchase “Once Upon A Time In Shaolin.” DAOs use blockchain apps to distribute power among stakeholders, where equity (“power“) is often represented in the form of tokenized ownership. In many ways, PleasrDAO’s $4 million purchase put the mainstream media’s spotlight on a developing ecosystem for DAOs. Now, another DAO is looking into purchasing the Constitution.
Yes, you read that right. The ConstitutionDAO is pooling millions to buy one of the few remaining first-edition copies of the U.S. Constitution. They’ll probably need about $20 million to win the auction at Sotheby’s.
DON’T BE MISTAKEN: this is not an investment. Constitution-loving crypto maxis can contribute money to the fund, but nobody gets actual ownership over the Constitution. According to Julian Weisser, a co-founder of OnDeck and a contributor to the ContstitutionDAO core team, it represents ownership in the DAO — expressed in the $PEOPLE token — which advises an LLC.
What if the DAO loses the bid? The masses will get their money back, minus the astronomical fees for transacting on Ethereum (which can vary from $40-$100/transaction, so worst case you lose $80 for buying a share in the Constitution.).