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Constitutiondao Hits $30m In Ethereum Raised, One Day Before Sotheby’s Auction

In brief A DAO formed last week to buy a copy of the U.S. Constitution at auction. It's raised over $30 million, well over the price at which the document is valued.

In less than a week, the decentralized autonomous organization ConstitutionDAO has raised over $30 million in Ethereum to purchase a copy of the US Constitution that will be auctioned by Sotheby’s tomorrow at 6:30pm EST. The DAO’s initial goal was to raise $15 million to $20 million, which is the auction house’s estimated value of the historical document.

ConstitutionDAO began less than a week ago, but has quickly attracted over 15,000 contributors donating an average of $2,000 each. Last night, NFT curation studio and investment firm Metaversal contributed $1 million, an act which inspired an anonymous donor to contribute $4 million to the effort.

 

The DAO’s mission remains the same: to win the auction and keep this copy of the Constitution in the public sphere. “Web3 is somewhat about decentralizing public goods," supporter Ittai Svidler explained. “And what can be considered a public good if not the Constitution that founded the country?”

DAO contributor Nicole Ruiz explained on a Twitter Space today that the team doesn’t have a planned home for the document, but wants to house it at a museum or archive that is free to access. Fellow DAO members are also exploring the idea of having the Constitution copy travel to multiple locations so those in remote locations can see the famous document.

The DAO began collecting money via fundraising platform JuiceBox on November 14. According to ConstitutionDAO contributor Packy McCormick, the project raised $3 million in its first 12 hours. But donations have continued to pour in, and the DAO has continued to raise its donation cap. 

Organizers say the extra money will function as a safety net in case of a bidding war. ConstitutionDAO has assured contributors that if it loses the auction or has leftover money...

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