What's a DAO? Why did it bid on the Constitution? And more! : Planet Money : The Indicator from Planet Money It's that time again! A crypto group fails to buy an original copy of the U.S. Constitution, Crypto.com succeeds in renaming LA's Staples Center, and warnings the economy might be too exuberant.

An exuberant bid for the Constitution

An exuberant bid for the Constitution

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Ed Jones/AFP via Getty Images
A page of the first printing of the United States Constitution is displayed at the offices of Sotheby's auction house in New York on September 17, 2021. - An 'incredibly rare' first printing of the US Constitution will be put for auction by Sotheby's New York, for an estimate of $15 to $20 million. (Photo by Ed JONES / AFP) (Photo by ED JONES/AFP via Getty Images)
Ed Jones/AFP via Getty Images

Last night, over 17,000 crypto investors made an unsuccessful bid on one of the 13 original copies of the U.S. Constitution. The group, known as ConstitutionDAO, ultimately bid $40 million at Sotheby's auction, but was outbid by Citadel CEO Ken Griffin.

But another crypto venture was a success, much to the disappointment of some Lakers fans. The Singapore-based Crypto.com signed a contract to rename the Staples Center the Crypto.com Arena for reportedly $700 million.

This is all symptomatic of a wave of exuberance flooding through the world's economy, at least according to the European Central Bank. It warns that after financial parties, there are often hangovers.

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