Source: National Treasure DAO website
Source: National Treasure DAO website

South Korea’s first decentralized autonomous organization (DAO) to raise funds to participate in an auction was unsuccessful at raising its minimum target money.

National Treasure DAO (NTD), formed last Wednesday, had hoped to accumulate at least KRW 5 billion (approx. US$4.2 million) by Thursday to take part in the Kansong Art Museum auction featuring National Treasure No. 72 (Gilt-bronze Buddha triad with inscription of cyclic year of Gyemi) and National Treasure No. 73 (Portable shrine of gilt-bronze Buddha Triad).

NTD raised KRW 2.4 billion (approx. $2 million), falling more than half as short of the minimum fund needed to buy one of the two treasures. All of the crowdfunded money will be returned to contributors.

The DAO raised money on GroundX’s Klaytn blockchain by accepting donations in the blockchain’s native token Klay.

The Kansong Art Museum is selling the two national treasures due to financial hardships. It is the first time national treasures are put up at an auction in Korea.

 

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