Auction house Sotheby's put up for sale a very rare first edition of the US Constitution. Bets are accepted in Ethereum cryptocurrency, and crypto investors raise funds to buy the rarity.
They have teamed up to form the ConstitutionDAO, a decentralized autonomous organization (DAO), to raise enough funds with a digital crypto wallet by the time of the auction on Thursday night.
The publication of the US Constitution is estimated at $ 15-20 million. Since its launch, in five days, the group has collected 967 Ethereum worth $ 4.3 million.
The DAO is an autonomous organization that is managed in a decentralized manner using computer code and a set of programs. Information about rules and transactions in the DAO is stored on the blockchain.
Investor Cooper Turley says DAOs are like "online communities with a shared bank account." "Basically, a small group of people get together to form a chat group, and then they decide to raise capital together [usually] using an Ethereum wallet, " Turley told CNBC.
If ConstitutionDAO succeeds in winning the auction, each participant will own part of the text. “Everyone who buys receives a portion of the DAO governance token, and they can then use that token to vote on where the Constitution should actually be kept,” ConstitutionDAO contributor Alice Ma told CNBC.
The ConstitutionDAO is currently evaluating various museums across the country so that the first edition of the US Constitution can be displayed there in the event of a winning bid.
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