“Who’s bidding for the DAO? Brooke or the banker guy (aka David)?”
“How high can the DAO go?”
“Who won?”
“Do you think this is good or bad for DAOs?”
These are just a few of the questions asked while the Minty team watched the livestream of Sotheby’s auction for the US Constitution. A LOT has been written about this, so I’ll just focus on some key takeaways:
Regardless of the outcome, a slapdash effort raised over $46 million in less than a week, primarily through Discord and Twitter. It was impressive, and reflects the potential power of a coordinated collective.
The number of people who’ve heard of a DAO is has likely multiplied tenfold over the past week.
Sotheby’s — and presumably all auction houses — are licking their chops now that they realize the potential buying power of DAOs. How quickly will they adapt to accommodate this new type of customer?
A lot of work remains to be done to ensure that DAOs — especially DAOs collecting $46 million — are properly governed.
My thoughts? Yes, it was haphazard. Yes, many ConstitutionDAO contributors were initially under the impression they were buying fractionalized ownership, to be later informed, “You are receiving a governance token, not fractionalized ownership.” And, of course, they didn’t win. Ultimately, Brooke was the Goliath that banker David could not outbid.
My takeaway is that this is a big net positive for the space and I tip my hat to the creators of this DAO. When an unknown fighter loses a championship fight in the 12th round, did they really lose?
- GVA