Crypto Group Failed To Get The US Constitution Copy In Record-Breaking Sotheby’s Auction

Republished By Plato

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The United States Constitution was sold at auction for $43.2 million on Thursday night, confirmed by Sotheby. However, the weak-in-the-making community did not win who had raised millions of dollars for just this only.

Dorothy Goldman, the widow of a New York real estate developer, had purchased the copy of the Constitution sold by Sotheby's in 1988 for $165,000. The Dorothy Tapper Goldman Foundation will benefit from the auction's proceeds, according to the auction house.

Auction's organizer Julian Weisser confirmed the loss amidst a wild online viewing party on social media and the ConstitutionDAO Discord. Some reports indicated during this that the crypto group had won actually.

Largest Crowdfund for a Physical Object

Weisser wrote, "We did not win the bid for the copy of the United States [C]institution." "While the conclusion was not what we had hoped for, ConstitutionDAO created history today." He added, this is the largest crowdfund for a physical object that we are aware of—crypto or fiat and are grateful to have done this together and are still in shock that they reached this far.

Minus the Cost of Transacting on the Ethereum Network

In the last week, the often hasty-appearing endeavor earned both fans and detractors. In the weeks leading up to the auction, the rate of donations picked up. Weisser said, "[W]e had 17,437 donors, with a median giving the size of $206.26. Wallets that were initialized for the first time accounted for a considerable percentage of these donations."

The entire amount raised by the group was around $47 million. For the future plans, the group will start processing refunds - eliminating the cost of transacting on the Ethereum network -- to participants.

"Through Juicebox, you will be able to receive a refund of your pro-rata amount (essentially minus gas fees). For more details from their end, he requested to wait till tomorrow - our team has not slept in the past week, and we are giving people the night to get some rest before we're back at it tomorrow AM."

Source: https://www.cryptoknowmics.com/news/crypto-group-failed-to-get-the-us-constitution-copy-in-record-breaking-sothebys-auction/

Time Stamp: November 19, 2021