A Group Of Individuals Raise Funds In A Bid To Buy A Rare Copy Of US Constitution

A team of individuals (apparently a minor group supported by a huge community) is collecting funds having a unique objective to purchase a copy among the U.S. Constitution’s initial prints. This copy is among thirteen remaining prints of the Consitution’s Authoritative Edition out of the initially issued 500 for Continental Congress submission. As per Sotheby’s, the venue specified for the auction, the respective copy is the constitution’s earliest final shape. Selby Kiffer (the senior vice president of Sotheby’s) stated that only two of such copies are held in private possession.

The team is determined to reinforce the effort of having a decentralized DAO or autonomous organization. Community-led decisions (having the ownership by acquiring an NFT or token) across DAOs are particularly made via votes of the token holders. Recently, a few DAOs have collected huge treasuries, with some of them having made momentous purchases, like buying an uncommon Wu-Tang Clan CD in return for $4M.

Adequately called ConstitutionDAO, the concept aims at collecting sufficient crypto in ETH or ether form to purchase the U.S. Constitution’s copy. Presently, ConstitutionDAO does not technically count as a DAO because no tokens permit everyone to control the project’s future direction or fasten everyone together. Rather it is moving toward that direction. Provisionally, the efforts of the group are occurring through a devoted Discord server.

One among the project’s architects at Discord, Graham Novak, stated that in Web3’s spirit and philosophy, they expect to buy the constitution as well as figure out a family for it within the finest artefacts of the world that would be secured and availed by all. He asserted to secure the respective transcript for the public.

The ownership thereof will be in the DAO. He noted that they would fractionalize mem-ify and NFT-ify as they normally do. On 12th November, the account of Twitter supporting the project stated to be attempting to collect $20M. This is known to be the extreme peak of the estimate of Sotheby’s, which ranges between $15 and $20M for the respective auction; however this may not be enough.

If this project is effectively accomplished, it seems to perform a type of community ownership. This method is usual in the world of cryptocurrency, in which a product (either on some blockchain or in the physical world) is segmented into tokens (counting up to millions), and then the specified tokens are distributed between token holders.