They tried to buy a copy of the US Constitution with cryptocurrencies

(Trends Wide) — A group of cryptocurrency investors took the notion “We the People” written in the US Constitution to the next level. They raised money to try to buy a rare copy of the document and claimed to have raised $ 40 million to do so.

But despite the huge amount of money raised, the group was unable to buy the document.

Sotheby’s auction house on Thursday sold a first copy of the Constitution for $ 41 million. With the buyer’s fees and premium included, the final price was $ 43.2 million.

A group known as Constitution DAO said it wanted to buy it and had planned to partner with another entity to display it.

But this Thursday night, the group tweeted a statement stating that they had not won the auction.

The symbol for a cryptocurrency Ethereum.

“We have made history”

“Although this was not the result we expected, we have still made history tonight with ConstitutionDAO. This is the largest crowdfunding for a physical object that we know of, whether cryptocurrency or not. We are incredibly grateful for having done this together with all of you and we are still in shock from getting here. “

The group said those who contributed funds “will be able to get a refund of their prorated amount through Juicebox.”

In case you’re wondering what DAO stands for, it stands for “decentralized autonomous organization”. DAOs are created using blockchain technology, the backbone of bitcoin and other cryptocurrency transactions.

Investors who contributed to the background of the Constitution DAO they have largely used Ethereum, the world’s second most valuable cryptocurrency, to pay for their share of the deal.

Supporters of the DAO of the Constitution have been promoting the offer on Twitter, with a super enthusiastic and patriotic poster writing a thread of nine tweets that showed the entire preamble of the Constitution in capital letters.

Millionaire sale price

Before the auction, Sotheby’s website listed an estimated sale price of $ 15 million to $ 20 million for the document, believed to be one of thirteen remaining copies of an original print run of 500.

Cryptocurrencies are becoming increasingly popular payment methods in the art world.

Sotheby’s, in particular, has embraced bitcoin and ethereum, or ether for short, as a way for collectors to bid on artwork and other items.

Earlier this year, Sotheby’s said it would accept bitcoin or ether as payment for a work by popular street artist Banksy.

And last week, Sotheby’s announced that it planned to have its auctioneer reveal in real time the bid amounts for two other Banksy works that were to go on sale.