Crypto enthusiasts raised roughly $47 million in Ethereum in an attempt to buy a copy of the US Constitution at an art auction.
The auction, held by iconic British auction house Sotheby’s, was held virtually and accepted bids in ETH.
According to ConstitutionDAO, it is the first DAO that Sotheby’s has ever worked with and potentially the largest crowdfund for a physical object they are aware of.
When the auction unfolded, the price of the Constitution was bid up all the way to $43 million before the DAO gave up out of concern that they wouldn’t have funds left over for proper care and maintenance of the document.
This is the largest crowdfund for a physical object that we are aware of – crypto or fiat.
Shortly after ConstitutionDAO was ultimately outbid for the relic, it was revealed that the winner of the auction was billionaire Ken Griffin, CEO of hedge fund and financial services firm Citadel.