After missing out on the first attempt to buy the original printed copy of the United States Constitution, ConstitutionDAO is set to make another attempt in the coming days.
The piece of legislation will be auctioned on December 13 by Sotheby’s (an NFT marketplace)
Making Another Go For The US Constitution
Last year, the crypto community was left in a state of shock following ConstitutionDAO’s ambitious fundraising of close to $47 million to purchase the first-ever printed version of the Constitution of the United States. It, however, lost the bid to the CEO of Citadel, Ken Griffin.
The DAO platform made a $40 million bid during the auction, which is why Griffin placed $43.2 million, ultimately making him the historical document winner.
After the previous event, coupled with the experience from its first attempt, a core member of ConstitutionDAO has rebranded the platform to ConstitutionDAO2. With the new name, the platform consists of 13 decentralized autonomous organizations (DAOs), which include Juicebox, PeopleDAO, and Aztec Network.
Furthermore, early in November, Sotheby’s announced the new auction date to sell the last printed version of the US Constitution to private entities. The scheduled date is December 13.
According to the DAO2 platform, it would develop a private multisig to hide its fundraising move, unlike before. Donors can choose whether to donate publicly through Juicebox or other private networks.
Should ConstitutionDAO2 win the latest auction, all participating donors will earn voting rights and have a say on how the Constitution is used. Meanwhile, if the DAO loses the auction again, it will return the donors’ funds for reimbursement over a specified period.
Has ConstitutionDAO Served its Purpose?
ConstitutionDAO, also known as PEOPLE, has divided opinions in the crypto industry. Many see it as a failed project.
For some, it is a digital asset that will never die, even if the purpose for which it was established is long gone. However, the PEOPLE is relevant in the crypto space considering its latest move to purchase the printed official document of the United States.
It was founded in November 2021, following the auction house Sotheby’s move to auction off the first printed copy of the US Constitution. Since 1787, there have only been 13 original copies of the historical legislative document.
After losing the last auction, the DAO fizzled out but made a shocking comeback in January 2022. Time will tell whether the PEOPLE will fizzle out after the next auction or if it will remain relevant.
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