A group of crypto-investors tried to buy a copy of the constitution – for 40 million dollars

But despite the huge amount raised, the group was unable to buy the document.

A group known as the Constitution DAO said they wanted to buy it and had planned to work with another entity to display it.
But Thursday night, the gang twitret a statement indicating that they did not win the auction.

“Even though this was not the result we were hoping for, we still wrote history tonight with ConstitutionDAO. This is the biggest crowdfund for a physical object we are aware of ̵[ads1]1; crypto or fiat. We are so incredibly grateful to have done this together with all of you and is still in shock that we even got this far. “

The group said that those who contributed funds “will be able to get a refund of your pro rata amount (effectively minus gas taxes) through Juicebox.”

In case you are wondering what DAO means, it stands for “decentralized autonomous organization.” DAOs are set up using the blockchain, the backbone of bitcoin and other cryptocurrency transactions.

The rare first edition of the United States Constitution can bring in $ 20 million
Investors who contributed to Constitution DAO pool has largely used ethereum, the world’s second most valuable cryptocurrency, to pay for its share of the offer.
Supporters of the constitution DAO has been out with the bid on Twitter, with a super-enthusiastic and patriotic poster writes a nine-tweet thread which contained the entire preamble of the constitution in capital letters.
Prior to the auction, the Sotheby’s website listed an estimated sale price of $ 15 million to $ 20 million for the document, which is believed to be one of only thirteen copies left from an original print of 500.

Cryptocurrencies are becoming increasingly popular payment methods in the art world.

Sotheby’s in particular has embraced bitcoin and ethereum, or ether for short, as a way for collectors to bid on artwork and other objects.

Earlier this year, Sotheby’s said they would accept bitcoin or ether as payment for a work by popular street artist Banksy.
And just last week, Sotheby’s announced last week that they planned to get the auctioneer to reveal real-time bid amounts in ether for two other Banksy works being put up for sale.

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