A copy of the US constitution is up for sale at auction house Sotheby's this Thursday and a crypto group called ConstitutionDAO wants to ape in to it aka try to buy the historic US paper.
DAOs, which stands for Decentralized Autonomous Organization, are becoming increasingly popular in crypto land. Vitalik Buterin, Ethereum’s co-founder contemplated the DAO in the original Ethereum Whitepaper. A DAO promises shared management of organizational assets and a democratized voting structure that dictates how it will operate.
In October, a DAO called PleasrDAO purchased a Wu-Tang Clan album for $4 million but the ConstitutionalDAO has loftier goals and plans to raise $20 million, which it estimates the Constitution will cost.
At time of writing, the DAO had already raised ~$5 million (~1,100 ETH) just a day after launch on Saturday night.
The ConstitutionDAO community is using memes to promote the project, a hallmark of DAOs, and using popular crypto phrases such as WAGBTC – "we’re all gonna buy the Constitution." It's also trying to get actor Nicolas Cage involved in the project, which might be the final straw needed to get to the $20 million target.
If you'd like to get in on the action, you can here.
Short Squeez Takeaway: The proceeds from the auction will go to owner Dorothy Goldman's foundation, a non-profit focused on democracy education. There is probably no better show of democracy than a group of people coming together to buy the constitution then putting it on display for free. This might just be the crypto moment that we'll talking about at our Thanksgiving table this year.