ConstitutionDAO

Constitution DAO was an experimental decentralized autonomous organization (DAO) that aimed to raise funds to purchase a rare copy of the United States Constitution at a Sotheby's auction in November 2021. The DAO was formed by a group of web3 enthusiasts who came together with the goal of acquiring one of the 13 existing physical copies of the U.S. Constitution, which was set to be auctioned off. The DAO launched its fundraising efforts just six days before the auction, and within a short period of time, it managed to raise over $47 million in Ethereum from more than 17,000 donors. The median donation size was $206, showcasing the grassroots nature of the initiative. The DAO's efforts quickly gained viral attention on social media, with memes and references to the Nicolas Cage movie "National Treasure" fueling the momentum. However, despite the impressive fundraising efforts, the DAO ultimately fell short in the auction, as the copy of the Constitution was won by billionaire hedge fund manager Ken Griffin, who outbid the DAO. The DAO had not accounted for the additional auction house fees and storage costs, which proved to be a critical oversight.