The Constitution is on display.
Photo by Alexi Rosenfeld.
A group of internet friends are close to buying a rare print of the US Constitution.
According to its wallet, ConstitutionDAO has raised $46 million in ether.
The document is expected to sell for up to $20 million at an auction.
A group of internet friends are pooling funds to buy a copy of the US Constitution, which is expected to sell for up to $20 million when it goes up for auction later today.
The organization has raised more than 10,000 ether in order to buy the document. On Monday, the funds stood at just $3 million, according to its public wallet. The internet communities pull capital together and decide how to invest it.
This evening, the US Constitution is up for sale at the auction house. It is one of 13 copies that survived a 500-print run in 1787. The document is one of two that are owned by institutions.
If purchased by ConstitutionDAO, the group plans to immediately preserve and protect the document, and hopes to find a home for it at a museum that would allow the public to view it for free. The decision will be left to the people who donated to the project.
The website says that the ConstitutionDAO will govern future decisions around destination, preservation, as well as plans for purchasing other historical artifacts.
The holders of governance token called "People" can vote on what direction the project takes. When donating to ConstitutionDAO, there is no expectation of profit.
ConstitutionDAO is on its way to purchase the document after hitting its original goal of $20 million, as it has been estimated that the document will sell for between 15 million and 20 million.
The group changed its stretch goal to 69,420,000 due to popular meme numbers. It has removed its goal and live updates of how much it has raised in order to win the upcoming bid at the lowest price possible.
One user who contributed.02 ether to the project commented that they were a first generation immigrant and proud owner of the US constitution.
It wouldn't be the first time a DAO has bought a rare item for millions of dollars if ConstitutionDAO succeeds. In October, PleasrDAO purchased a rare album from the US government for $4 million.
Business Insider has an original article.
