Copy of US Constitution Sold for $ 43 Million When Cryptographic Effort Fails | Crypto News
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More than 17,000 crypto collaborators with a median donation of $ 206 lost the offer to a private buyer who paid $ 43.2 million.
The first rare print of the U.S. Constitution was sold on Thursday night in Sotheby’s New York for $ 43.2 million (the highest price ever won at the auction of a historical document) to an unknown buyer, a group of cryptocurrency fans still claiming a victory. crowdfunding.
The first print – one of only 13 surviving privately owned copies – sold for more than double Sotheby’s $ 20 million valuation. The winning bid, a document sold in 1988, was valued at $ 165,000 by real estate developer and collector of American documents and manuscripts, formerly S Howard Goldman.
All proceeds from the sale will go to the foundation set up by Goldman’s widow Dorothy.
The sale was being watched closely not only because of the historical importance of the document, but also because of the hype surrounding a ConstitutionDAO cryptocurrency crowdfunding group.
On the eve of the auction, the team broke records for the most money crowdfunded In less than 72 hours.
DAO, which is called a decentralized autonomous organization, is a networked community that uses blockchain technology for members to vote on decisions.
“While this was not the result we expected, we made history tonight,” the team said in a note posted on Twitter. “We’ve educated a cohort of people from all over the world – from museum curators and art directors to our grandmothers, to grandmothers who ask us what it’s like when they read about us in the news – about the possibilities of web3,” the note read.
– ConstitutionDOO (????, ????) (@ConstitutionDAO) November 19, 2021
According to the statement, there were 17,437 contributors with a median donation of $ 206.26.
Although the group raised $ 47 million or 11.6,000 Ether cryptocurrencies, it lost sales because it did not have enough reserves to maintain and care for the piece.
The funds were raised on the Juicebox crowdfunding website. The ConstitutionDAO said participants will be reimbursed by deducting the so-called gas rates required to process the transaction.
If they had won the bid, those who donated the funds would have become members of DAO, but would not have participated in the document, according to the ConstitutionDAO website.
“This technology is appropriate to honor and protect the greatest historical tool for human governance: the U.S. Constitution.” website he said.
The document is one of 13 copies of the official edition of the Constitution, according to Sotheby’s, to be submitted to the Continental Congress for printing in 500 and for use in 500 by delegates to the Constitutional Convention.
The winning bid was $ 41 million, the final price of $ 43.2 million, total overhead and other fees, the auction house said.
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