The last couple of weeks a ton of headlines were made about the copy of the United States Consitution that was up for grabs at a recent Sotheby's auction. The reason why this print was so important or expensive was because it was a first edition copy from 1787 and is one of just 13 surviving copies! With many people only recently finding out about DAO's recently it caught a lot of people off guard that a DAO had the money to even attempt to buy something of this value.

While in the end they did fall short a couple of questions popped up that showed this DAO meant serious business. The biggest question asked was that $47 million had been raised while the winning bid was just $41 million USD. People wondered why the DAO stopped and the reason actually should make people really proud and impressed with the leadership displayed. At the end of the day, this is a very old document and because of that it takes specific skills to handle it. The DAO was aware of this and knew it could not spend all of its only on this one item it needed money to care for it as its future was decided. Also since Sotheby's required USD Ether could not be used to pay for it and a swap was going to have to take place. 

All of this hampered the efforts to buy the document and worked against the DAO. That being said it showed how successful DAO's could be. How that they could change the way certain things take place in auctions, communities, or business! This DAO was a perfect example of what a DAO could be and this is in no small part because of how well this DAO was organized. Now people need to know and understand not all DAO's are this well structured and some are actually really centralized between a few powers. This one was not and was a perfect DAO to show the world! I would argue that this was the best outcome as if the DAO had won the auction I am certain it would have faced a ton of legal issues. Since it lost though it was able to make itself know show itself off and back away when it lost.

Now I have heard rumbling of what the DAO plans to do in the future but nothing is concrete. The biggest thing though is that people will be able to withdraw their money minus a "withdrawal fee" which from what I have fathered is really just the gas fee to withdraw your funds. Since though people received the governance token though there is a push to pitch different ideas for what the DAO should go after next and I really like this idea! I look forward to seeing how this all shakes out as it has really made a huge impact of what the future could hold for bidding on expensive documents among other things! 

One thing though I have seen many people post about both on Publish0x and elseware is that DAO's will soon start buying companies...... while one day they might be able to do this right now there is way way way to much red tape that would cause huge headaches on this. Until the regulations are 110% clear and more transactions can be made in cryptocurrency an issue will always be faced with exchanging the funds and the gas fees which will lead to a loss of value overall. Again, this could be cleared up in the future but some people are predicting this could start occurring within the next year and I just do not see that happening at all. 

Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!

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