• ConstitutionDAO, a new decentralized autonomous organization, raised $47m to buy a rare first printing copy of the U.S. Constitution up for auction at Sotheby’s. Investors who donated to the DAO received governance tokens (not fractionalized ownership).
• The DAO lost the bid, after much confusion over whether "David" or "Brooke" at the Sotheby's live auction represented the DAO. The final sale price was $43.2m. The identity of the buyer is not known yet.
• Fun Fact: It’s not the first time a DAO has been formed to collectively buy an item — PleasrDAO bought the only copy of the album “Once Upon a Time in Shaolin,” by the Wu-Tang Clan, for $4m in October.
• Universal Music Group, the largest record company in the world, is turning four Bored Ape Yacht Club (BAYC) NFTs into a band called Kingship, which will perform across the metaverse in video games and virtual reality.
• The band’s music will be released under 10:22PM, one of Universal’s labels. Fans will be able to buy Kingship NFTs and gain access to exclusive music experiences and real-world events.
• Fun Fact: Brandon Buchanan, aka rhincodon, recently revealed himself to be the purchaser of the record selling $3.4m BAYC NFT at Sotheby’s, believing that NFTs have “exponential power to build passionate communities.”
• A 1958 Alifabolaget card featuring Brazilian soccer legend Pelé (#635) became the most expensive soccer card ever last week, selling for $900k in a private sale at Goldin Auctions. It’s the closest a soccer trading card has come to a $1m sale to date.
• The card was graded PSA 9, in mint condition, with just five reported to be in existence. In May, a PSA 8.5 version of the card sold for $372k at Heritage Auctions, becoming the second most expensive soccer card on record.
• Fun Fact: Despite soccer being one of the most popular sports in the world, the cards have historically been among the least popular in the trading card world — but that’s starting to change.
• On Wednesday we rolled out the first glimpse of Otis House — a marketplace, auction platform, and vault for physical items built on top of Ethereum. Items will be stored, vaulted, and insured by Otis, and we’ll mint NFTs that represent ownership of those items. Sign up here to find out about our first auction soon!
• This week in the Otis Discord, we’re talking about: what’s happening with Daredevil, why trading cards are cool again, and more — join the conversation.
• A Bansky mural on a former shop in Lowestoft, Suffolk was removed and is set to be auctioned at Julien's Auctions in California, which estimates the piece "could fetch between $200,000 to $400,000." Bansky’s Police Car, 2003, is trading on Otis.
• A Kehinde Wiley portrait of British artist Lynette Yiadom-Boakye was jointly acquired by the Yale University Art Gallery and the Yale Center for British Art. Kehinde Wiley’s painting, Saint Jerome Hearing the Trumpet of Last Judgment, is trading on Otis.
• Disney is resurrecting the ‘90s classic X-Men: The Animated Series, calling the series X-Men ‘97 to pay homage to the beloved cartoon. A copy of Giant Size X-Men #1 is trading on Otis.
• A San Francisco bus driver broke down the authenticity of the bus fight scene in Shang-Chi and The Legend of The Ten Rings. A copy of Special Marvel #15, Shang-Chi’s first appearance, is trading on Otis.
This week on Otis Magazine we have three articles.
First, we sat down for a conversation with Leah Smith, our Head of Listings and Acquisitions, to give some insight around how we acquire assets, what we’re looking for, and how collectors can work directly with Otis.
Second, we created an explainer on how comic book grading works.
And finally, we compiled a list of the most expensive basketball cards of all time.
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