Economics/Class Relations

Dawn Of The DAO: What Happens When The Crowd Holds The Power Of A Corporation?

By Alison McCauley Forbes

A week ago, about a dozen people hopped on Zoom to explore an idea: What if we got a community to bid together on a rare first printing of the U.S. Constitution offered at Sotheby’s auction? By Monday, over 2,000 people—many strangers—had contributed over $3 million. At the start of yesterday’s auction, the seven-day-old community had raised over $40 million from 17,437 donors. Ultimately, the collective, named ConstitutionDAO, was outbid, but the strange addition to the history of this 234-year-old document gave us a dramatic demonstration of how crypto can collide with social networks to unlock new economic power for decentralized communities of people—and shift the common understanding of how an organization operates and governs itself.

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