The first DAO in history to buy an artifact/treasure of a Nation.
TL;DR: Heritage DAO ($HDAO) is now officially the very first Decentralized Autonomous Organization in history to buy an artifact/treasure of a Nation. With the embargoes lifted with the seller, the following is the summary of what happened so far
(i) Ownership of the treasure is transferred to $HDAO’s dedicated agent,
(ii) Physical treasure is under the custody of the original seller, and
(iii) Donation agreement is under discussion between $HDAO core contributors and the seller.
Due to the Non-Disclosure-Agreements and embargoes placed on a few of the contracts signed with the auction house and the custodian/seller, sharing the stories of $HDAO in real-time was not possible.
Now that the embargoes are lifted, the following is a brief summary of what happened so far for the $HDAO.
Payment delivered [Feb 10th, 2022]
With the HIP-2 and HIP-3 approved by the $HDAO, the payment for the treasure has been paid by $HDAO’s dedicated agent from Singapore in a timely manner.
As a result, the payment for the treasure has successfully been deposited as shown on the certificate below.
Typically, a transaction is completed when the price is paid for the product.
However,
(a) with the transaction taking over a National Treasure and;
(b) with the $HDAO’s agent being the Singaporean Entity (Which is foreign from Korea’s perspective);
the emotional sentiment over the transaction was NOT friendly with a potential risk of a foreign buyer illegally taking the purchased treasure abroad.
Closure & Custody Agreement Signed [Feb 21st, 2022]
With that being said, the policy presented by the Auction house to properly handle the National Treasure, required $HDAO to present the followings.
(i) Assign a dedicated custodian and share the custodian’s information and;
(ii) Finish the registration with the government in regards to the change of ownership.
In this case, the seller and the custodian are the same — and the seller’s signature was required on both the (i) and (ii) above.
Although the transaction doesn’t pose any legal problem, the seller was hesitant to sign anything with $HDAO due to emotional reasons and things were not going smoothly until the very last day.
As a result, we have reached out to the seller with our intent to donate the majority equity of the National Treasure with our sincere intent to protect, preserve and hone the essence of cultural heritage in a way that it stays where it belongs in the first place when it comes to the physical heritage.
Donating more than 51% of the equity of the National Treasure also separates the treasure from the systemic risk of more than 51% of $HDAO approving a malicious proposal (Such as destroying the treasure).
With an embargo placed over the agreement in development, $HDAO was able to process the transfer of ownership as shown above.
Treasure returns to the Seller [Feb 24th, 2022]
Few of the $HDAO contributors have participated in this event (including the dedicated agent of $HDAO). After checking the condition of the Treasure, it was sealed and transferred back to the original seller.
A leak from a TV New channel [Mar 15th, 2022]
There began a time between the seller and the core contributors of $HDAO to introduce each other (while explaining in detail the DAO and NFTs).
An embargo was placed while both parties start the conversation to come up with a proper donation agreement that both the $HDAO and the seller could agree on.
Then, on March 15th, one of the journalists from Channel A News has noticed a change of ownership over National Treasure #73.
At this point, the embargoes between $HDAO and the seller were still in effect and the terms for the donation agreement have not been approved by both parties yet.
$HDAO shocks the whole Nation [March 16th to current]
Following the leak of the ChannelA, most (if not all) major Television, Print, and Digital medias of S.Korea have been talking about $HDAO.
Above is just a small part of the news released about $HDAO.
With a week or two spent on reacting to the media and the requests, the only part that’s pending at this stage is the donation agreement. As $HDAO wraps up the donation agreement, the next exciting step awaits ahead of the $HDAO.
Stay Tuned!
