ConstitutionDAO, a ‘crypto red alert’ and other cases of crypto-powered social action in 2021
From the very beginning of the cryptocurrency movement, the societal potential of Bitcoin (BTC) has been one of the fundamental selling points. The decentralized design of crypto-based systems introduces the possibility of bringing individuals together to work toward shared goals, as well as enabling them to pool resources while remaining insulated from outside control. 2021 saw a number of cases that could serve as evidence of this emancipatory power of digital assets.
Arguably, the most high-profile case of a massive fundraising effort enabled by a decentralized autonomous organization in 2021 was ConstitutionDAO. The group was formed in November with the sole objective of purchasing an original copy of the United States Constitution, which was on auction at Sotheby’s.
The DAO got very close to its goal. The artifact was sold for a bid of $43.2 million, and while the DAO managed to raise about $47 million in Ether (ETH), its bid was ultimately limited by Sotheby’s to $43 million to factor in taxes and the costs required to protect, insure and move the Constitution. Following the auction, the DAO offered full refunds to anyone who donated. Those who did not take refunds kept the PEOPLE governance tokens they had received in exchange for their contribution.
As a statement from ConstitutionDAO said, “While this wasn’t the outcome we hoped for, we still made history tonight.” It is hard to argue with this, as it took only a week to pool the money from 17,437 backers.
In December 2021, the founders of BlockbusterDAO announced that they had formed a new decentralized autonomous organization with the goal of buying Blockbuster — an American brand that originally operated as a video rental company. At its peak, Blockbuster had
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