New DAO Forms to Buy Copy of US Constitution at Sotheby's
ConstitutionDAO looks to purchase a private first-print copy to put on public display.
In September 1787, a group of delegates gathered in Philadelphia to sign the U.S. Constitution the OG white paper of US as some refer to it on Crypto Twitter. This week a DAO has formed with one big goal in mind: Buy a rare copy of the U.S. Constitution from an upcoming auction at Sotheby’s.
To do this, ConstitutionDAO, which is a collective of “internet friends” and cryptocurrency investors, decided to form a DAO, or a decentralized autonomous organization, to pool funds together.
DAOs can come in all shapes and structures, but simply put, “a DAO is an internet community with a shared bank account.”
There are lots of new governance models being developed in the web3 ecosystem, and to us, there’s something very fitting about using these new tools and ideas to take this document (which also set up a novel and enduring governance system), into that new world with us.
“Something that’s been really central to our mission and community is that this copy of the Constitution will be the only one actually governed by its citizens — the people the Constitution was written for! Based on the decisions of the DAO, it may be displayed all over the country, and everyone who has contributed will get to have a say in where it is exhibited and for how long.” Tina
As DAOs are not legally recognized entities in most jurisdictions, Sotheby's requires DAOs to take certain legal steps to ensure the entity can participate in our auctions at this time."
As a result, the project has formed a US limited liability company in order to take part. Additionally, the community has expressed strong preferences for institutions that are free to the public and willing to cover the costs associated with housing the document.
If ConstitutionDAO is outbid by someone with deeper pockets, participants will get their money back, minus transfer fees.
But the group’s members are already talking about owning the Constitution as if it’s a done deal.
Their motto is “WAGBI,” or “we’re all gonna buy it.”
P.S. We could not miss the opportunity and have contributed as well so you can be part of history, there is still time for it. ConstitutionDAO is a DAO that is pooling together money to win this auction. We intend to put The Constitution in the hands of The People.