Cryptocurrencies
Crypto Crowdfunding Goes Mainstream With ConstitutionDAO Bid
- Participants could face reimbursement fees after lost bid
- DAO that bought Wu-Tang Clan album was best known until now
An official first-edition printed copy of the U.S. Constitution.
Source: Sotherby’s
This article is for subscribers only.
A loosely-organized group of investors made casual and even some long-time observers of the crypto world wonder what’s a DAO, or decentralized autonomous organization, after they mounted a crowdfunding-like campaign to buy a rare copy of the U.S. Constitution.
While the bid from the project known as ConstitutionDAO fell short at a Sotheby’s auction on Thursday, the effort showed the power of the DAO, and how the idea has the potential to change the way people buy things, build companies, share resources and run nonprofits. The Ethereum-based project ended up raising $46.3 million from thousands of donors, one of the largest amounts ever through the process.