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- A group of crypto investors are raising money to buy an extremely rare print of the US Constitution.
- ConstitutionDAO has raised more than $3 million in ether as of Monday, according to its wallet.
- The document is expected to sell for up to $20 million in a Sotheby's auction later this week.
An incredibly rare copy of the US Constitution is expected to sell for up to $20 million when it goes up for auction later this week, and a group of crypto investors are pooling funds together in hopes of buying the document.
ConstitutionDAO is a decentralized autonomous organization that has so far raised 736 ether worth more than $3.4 million in its bid to buy the document. The funds began to roll in on Sunday, and are picking up steam according to its public wallet.
The US Constitution up for auction at Sotheby's this Thursday is an official first-edition printed copy of the document. It is one of just 13 remaining copies that survived a 500-print run in 1787, more than 230 years later. The document is just one of two that remains in private hands, with all of the other copies owned by institutions.
This copy of the US Constitution was purchased from Sotheby's in 1988 by Howard Goldman for $165,000. Following Goldman's death in 1997, his widow Dorothy Goldman has worked to preserve the document.
If purchased by ConstitutionDAO, the group plans to immediately preserve and protect the document, and hopes to find a home for it at the Smithsonian.
"The ConstitutionDAO will govern future decisions around destination, preservation, as well as plans for purchasing other historical artifacts," its website says.
Those that contribute to the project will "own a piece of the Constitution based on how much you contribute, as well as the ability to vote for what direction future efforts (such as minting a digital equivalent, display, and other purchases) take."
Sotheby's estimates the document will sell for $15 million to $20 million, so time is ticking for ConstitutionDAO to raise enough funds from the people.
One crypto user who contributed .02 ether to the project commented with their donation, "first generation immigrant, proud owner of the US constitution."
If ConstitutionDAO succeeds in its mission, it wouldn't be the first time a DAO has bought a rare item for millions of dollars. In October, PleasrDAO purchased a rare Wu-Tang Clan album made infamous by Martin Shkreli for $4 million from the US Government.
source https://markets.businessinsider.com/news/currencies/constitutiondao-us-constitution-auction-sothebys-crypto-2021-11