ConstitutionDAO Went DAOn

November 19, 2021       /       Unchained Daily       /       Laura Shin

Daily Bits ✍️✍️✍️

• The Winklevoss-led crypto exchange Gemini raised $400 million, in its first funding ever, at a valuation of $7.1 billion.

• The Information reported that Anchorage, a digital bank specializing in crypto custody, and Fireblocks, a crypto infrastructure firm, are raising funding rounds at multi-billion dollar valuations.

• The Information also revealed that OpenSea has receivedfunding offers at a valuation of $10 billion — more than 6 times its valuation from March.

• Acala, a DeFi platform, won the bidding war for Polkadot’s first parachain slot after committing $1.3 billion in DOT to the auction.

• A bipartisan group from the US House of Representatives introduced the “Keep Innovation in America Act.” The bill seeks to modify the definition of crypto broker and the provision regarding tax code 6050I.

• Argentina will now tax cryptocurrency transactions.

• The IRS seized $3.5 billion worth of cryptocurrencies during the fiscal year of 2021.

• The National Football League announced that fans attending games through the end of 2021 will receive commemorative NFTs via a Ticketmaster digital wallet built on Polygon.

• DNS has essentially resurrected Hic et Nunc, the Tezos NFT website that shut down without warning recently.

• TIME Magazine will hold ETH on its balance sheet and is partnering with Galaxy Digital to launch a slew of metaverse-themed products, starting with a 100-company list for the metaverse and a weekly newsletter called Into the Metaverse.

What Do You Meme?

What’s Poppin’?

ConstitutionDAO, a crowdfunding DAO knit together to purchase a physical copy of the US Constitution, was outbid by an unknown buyer at Sotheby’s auction house last night.

The DAO, which came into existence roughly one week ago, was able to crowdfund over $40 million in that short time span from a collection of 17,437 Ethereum wallets. According to ConstitutionDAO, the group broke records for the most amount of money crowdfunded in less than 72 hours.

While the Sotheby’s Constitution auction did not go in favor of ConstitutionDAO, it was still a historic night. Earlier in the auction process, two pieces of art by Bansky were auctioned directly in ETH, marking the first time Sotheby’s accepted cryptocurrency in an art sale. Altogether, the two paintings soldfor a combined 3,093 ETH, or roughly $14,600,000.

Recommended Reads

• Brian Feroldi, a writer for Motley Fool, on ten resources to understand web3:

• Blockchain Association’s Jake Chervinksky on the infrastructure bill:

• The Onion on NFTs:

On The Pod…

ConstitutionDAO Did Not Win the Auction. But It Demonstrated the Power of DAOs

Will Papper, SyndicateDAO co-founder and ConstitutionDAO contributor, tells the story of how a group of internet friends came together as a DAO to crowdfund a $41 million bid at a Sotheby’s auction for a physical copy of the US Constitution. Show highlights:

• how Will and other ConstitutionDAO members feel after losing the auction

• the significance of ConstitutionDAO despite its loss

• whether Will knows who the other bidder was

• why museums began reaching out to ConstitutionDAO and seem to be excited about DAOs moving forward

• why there was so much confusion over who was the bidder for the DAO and whether it had won

• why ConstitutionDAO did not bid more than $41 million — even though the crowdfund was at nearly $50 million

• why ConstitutionDAO did not have a crypto-whale help keep the bidding war going

• how ConstitutionDAO plans to refund participants

• what Will thinks about using a layer 2 solution to refund ETH for ConstitutionDAO donations

• how the idea for ConstitutionDAO came about

• what role Will had in the formation of ConstitutionDAO

• what lessons can be learned from ConstitutionDAO

• what’s next for DAOs in general

Book Update

You can purchase it here: http://bit.ly/cryptopians