James Borland is an artist for the U.S. Air Force.
They almost did it. A group of 17,000 people crowdfunded $46 million to purchase an original copy of the US Constitution, but they lost the bid.
The group, known as ConstitutionDAO, started as more of a joke on social media after the auction of a copy of the US Constitution. A group of people decided to try to buy the document after a meeting on a Discord server. The founder of Citadel Securities, who was at the center of retail-trader anger over the GameStop trading halt in January, was revealed as the winning bidder.
A group of people formed a group called a DAO. A bunch of internet friends getting together for a common purpose is what it's called.
That's not a full definition. Let's go a little deeper if you've grasped that concept.
Ali Yahya is a general partner at the a16z venture capital firm and he puts it this way: A DAO "allows online communities to form, pool resources, and coordinate towards common goals."
The rules that govern the group are enforced by that code. In an email to Insider, Yahya said that members can be from all over the world.
It's cheaper and quicker to set up than an entity like an limited liability company, he said. The group raises capital using a wallet.
The next phase of the internet, known as web3 or the metaverse, is going to have an enormous impact on the DAOs. They are also buying rare artifacts such as the Constitution. Like companies or venture capital firms, the goals of the DAOs are different.
Some act like trusts and manage property. Investment firms pool resources to make investments. Some act like associations and are in charge of financial services. Some act like social clubs.
A group called PleasrDAO bought a one-of-a-kind album from the US government for $4 million. The doge meme was a non-fungible token that sparked multiple projects.
Friends With Benefits requires FWB token to get in as well as an application and a vote from members, according to a16z.
Others are not restricted by the internet. Matthew Gould told Insider that ConstitutionDAO showed the power of new tech to quickly organize thousands of people and tens of millions of dollars for a cause.
He wrote that the new tools show promise for helping important causes and making a difference, given the scope of the problems we are facing. If we can raise $47 million for a copy of the US Constitution, we can raise more for major issues. When will the rain stop?
Business Insider has an original article.
