Web3 is Going Just Great

...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.

Created by Molly White. Subscribe to her newsletter for weekly recaps.

A DAO raised more than $40 million to try to buy a copy of the United States Constitution, failed, and then stumbled chaotically to its end

A partial photograph of the U.S. constitution(attribution)
ConstitutionDAO emerged out of a Twitter joke, but ultimately raised more than $40 million to bid on an auction for a rare first printing of the U.S. Constitution. After being outbid by a hedge fund CEO, the group refunded all donations. However, there was enormous infighting over things like the possible value of the governance token (named $PEOPLE), and enormous gas fees taking up much of the money that people were supposed to be refunded. Ultimately, the DAO closed down without a single vote being cast.
Theme tags: Bad idea
Blockchain tags: Blockchain: Ethereum
Tech tags: DAO