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A rare copy of the US constitution hit the auction floor at Sotheby’s last week. As is custom in crypto, the community rallied together, formed a DAO, and in one of many firsts raised $48M. However, the story did not have a rosy end, as they ultimately lost the auction to Citadel founder and CEO Ken Griffith.
ConstitutionDAO had a lot of media attention over the past few weeks and showed the potential of Web 3.0 after a group of friends were able rally the community behind the cause in such a short period of time. We think this is just the beginning of what DAOs could do in the future.
For those that may not know, DAO stands for decentralized autonomous organization. In crypto, it is basically a group of people with a common purpose (social club, dev community for a project, crowdfunding for investments etc). Typically, a majority vote by members of the DAO are needed to make decisions.
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