The DAO Constitution is a decentralised autonomous organisation that has so far raised more than 10,000 airwaves to the tune of around $46 million in its bid to buy the document. The money started pouring in on Sunday and, according to the state wallet, amounted to just $3 million on Monday . (DAOs are online communities that raise capital and collectively decide how to invest it.)
The U.S. Constitution, up for auction at Sotheby's tonight, is an official hard copy of the first edition of the document. It is one of 13 surviving copies that survived the circulation of 500 copies in 1787, more than 230 years ago. It is only one of two documents that remain in private hands, with all other copies belonging to institutions.
Should the DAO Constitution be acquired, the group plans to preserve and protect the document immediately and hopes to find a place for it in a place that will allow the public to view it for free, such as in a museum like the Smithsonian Institution. But that decision will ultimately be left to a democratic vote of the people who donated to the project.
"The DAO's constitution will determine future decisions on the destination, preservation as well as purchase plans for other historical artefacts," its website says.
Those who contribute to the project receive management tokens called 'People', which give the owner the opportunity to vote on which direction the project's future efforts will take. When donating to the DAO Constitution, no profit is expected from the project.
Sotheby's estimates that the document will sell for between $15 million and $20 million, so the DAO Constitution is well on its way to buying the document after reaching its initial target of $20 million.
Late on Wednesday, the group changed its prospective target to $69,420,000 due to the number of memes popular in the cryptocurrency community. But it has since removed its fundraising target and updated how much it had raised, probably in an attempt to win the upcoming lowest bid.
One crypto user, who contributed 0.02 ether to the project, commented on his donation: "First-generation immigrant, proud owner of the US constitution.
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If the DAO Constitution succeeds in its mission, it won't be the first time the DAO has bought a rare item for millions of dollars. In October, PleasrDAO purchased a rare Wu-Tang Clan album, the infamous Martin Shkreli, for $4 million from the US government.
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Eleena Timmons