📜 We’re buying the US Constitution

The Hustle

The Green Bay Packers are selling shares in the team, offering 300k shares at $300 each. The kicker? The shares don’t hold any value after purchase — they’re essentially for bragging rights. In 2011, the last time the team did this, they raised $67.4m and used it for stadium renovations.

Today’s rundown:

  • National Treasure: The online group trying to buy the US Constitution.
  • Shady economics: Why thieves love stealing catalytic converters.
  • Let’s get physical: Why Glossier opened a marble-ensconced paradise in a pandemic.
  • Around the web: The 1st computer mouse, an amazing writing handbook, a hilarious metaverse parody, and more internet things.

Let’s do it.

The Big Idea
US Constitution

The online group trying to buy the US Constitution, explained

Nic Cage once stole the Declaration of Independence and kidnapped the president.

Along those lines, tomorrow, the online group ConstitutionDAO will attempt to buy the last privately owned, 1st-edition printed copy of the US Constitution and put it “in the hands of The People.”

This specific copy was first bought by a real estate developer, the late S. Howard Goldman, in 1988 for $165k. His wife put it up for sale, and proceeds will go to a charitable foundation.

But first, WTF is a DAO?

Investor Cooper Turley likens a decentralized autonomous organization (DAO) to an “internet community with a shared bank account.”

DAOs are blockchain-based, member-owned groups that can quickly and easily raise funds, manage projects, or make investments.

To raise funds for ConsitutionDAO…

… backers can contribute ether cryptocurrency in exchange for $PEOPLE tokens, which give them the ability to advise on:

  • Where the copy of the Constitution should be displayed
  • How it should be exhibited
  • The mission and values of ConstitutionDAO

Of course, memes have played a major role

If you’ve been on tech Twitter at all this week, you may have noticed:

  • Nic Cage
  • A new icon in many profiles (📜, 📜)
  • “Wagbtc,” which stands for “we’re all gonna buy the constitution”

In his newsletter, Not Boring, Packy McCormick highlights the importance of memes in helping ConstitutionDAO build cohesion and spread the mission to new members.

The excitement has fueled $6m+ in funding so far — but with the text expected to go for $15m-$20m, ConstitutionDAO has a ways to go.

Even if it falls short, the project will have shown a glimpse of the utility of blockchain technology, and, more importantly, given us a much-needed dose of Nic Cage from his “National Treasure” glory days.

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SNIPPETS

Delivery discounts: Instacart launched several new features to make delivery cheaper, including reduced delivery fees and 5% credit back on express pickup orders. #ecommerce-retail

Big winner: Lucid Motors’ Lucid Air, an EV sedan, was named MotorTrend’s Car of the Year. You can have one for $169k. #clean-energy

Funky flavors: In its latest launch, MSCHF released 3 flavors of “Illegal Chips” including a “poison blowfish” flavor. #emerging-tech

Twitter is open: Twitter announced it’s reopening its API to developers, making it easier for developers to innovate on the Twitter platform. #privacy

Dorsey’s buzzkill: Twitter CFO Ned Segal said the company will not invest in crypto right now. #fintech-crypto

Patent protected: Peloton filed lawsuits against Echelon and iFit, arguing that both companies violated patents associated with Peloton’s on-demand classes. #big-tech

MFM: Sam and Shaan break down how to get the most out of conferences. #mfm

Car Parts
catalytic converter theft

Visual: Zachary Crocket

Why thieves love to steal catalytic converters

In the past few years, theft of this little car part — which breaks down noxious gases — has ballooned out of control.

Auto shops that used to see 2-3 stolen converters every month are now seeing as many as 6-8 per day.

What’s going on?

Catalytic converters contain trace amounts of precious metals. And recently, the going rates for these metals have shot up to the moon:

  • Rhodium went from ~$2k/oz. in 2018 to nearly $30k/oz. in 2021
  • Palladium swelled by 3x ($1k to $3k) over the same time period

A skilled thief can steal your converter in just 30 seconds and flip it for up to $1k+, depending on make and model.

Where do all these things go after they’re stolen?

For our latest visual explainer, we dove into the shady underground economy of catalytic converter theft.

Read the full story →
Podcast

A sit-down with HubSpot founder Brian Halligan

Two weeks after HubSpot bought The Hustle in February, Brian and his son almost died on a snowmobile in Vermont.

Sam and Shaan dive into Brian’s post-accident volta and HubSpot’s journey to $1B annual recurring revenue.

Highlights from My First Million:

Our first billion (in ARR) →
Hybrid Beauty
Glossier stores

Why D2C brand Glossier is returning to in-person retail

Glossier’s new Los Angeles store is a millennial pink, marble-ensconced paradise made for Instagram and TikTok.

But why, after closing all its in-person outposts amid the pandemic, is the D2C beauty brand returning to physical retail?

It’s all about the experience

Online sales increased 32.4% YoY in 2020 and were up 39% in Q1 2021, per Digital Commerce 360.

But several digital-first brands, including Allbirds and Warby Parker, think they can get shoppers back off their couches.

“Consumers aren’t looking to visit stores simply to transact — they’re hungry for meaningful and memorable experiences that can’t be recreated online,” Kristy Maynes, Glossier’s SVP of retail, told The Hustle.

Glossier’s new Seattle location saw 35k+ visitors in its 1st 2 months. It also features a mossy mushroom sculpture that Instagammers love.

Its LA store, which opens Thursday, is a hangout spot with:

  • Seating around a chrome globe fountain
  • WiFi and AC
  • An alleyway with a 2nd fountain and coffee shop

Why bother? Because consumers are also hybrid shoppers

Many customers now use and expect multiple channels, online and off, to make a purchase.

For Glossier, that might mean customers sample products in-store, make purchase decisions online, then return for a pickup and a coffee. Or maybe they research products online, then test and buy them in store.

It worked for Allbirds, which found its hybrid customers spent 1.5x more.

Also pink: The LA store is a half-mile from the Pink Wall, an inexplicable tourist attraction that, as of 2019, cost fashion brand Paul Smith $60k a year in upkeep.

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AROUND THE WEB

🐭 On this day: In 1970, Douglas Engelbert patented the 1st computer mouse. It was a wooden shell with 2 wheels underneath and a cord coming out 1 end. And yeah, it kinda looked like a mouse!

🖊️ How to: This free online handbook from writer Julian Shapiro helps you write concise, clear, and all-around better nonfiction.

😊 Chill out: Stacking rocks in nature is actually bad for the environment. But you can try it online here harm-free.

🤘 Huh: A metal guitarist thought “Doomscroll” would be a great name for his music project. Now he’s in a tiff with the video game company behind the “Doom” franchise.

📚 Useful: LibriVox is a collection of free, public domain audiobooks read by volunteers. (You can volunteer, too, if you want!)

🇮🇸 Haha: ICYMI, Iceland made an A+ tourism video that parodies Zuck’s metaverse announcement.

Tweet of the day
Declaration tweet

The future is all about owning the past (Source: Twitter)

decorative question marks
ask the hustle

🧑‍💻 How can I overcome imposter syndrome?

— Lee from New York City

🧙 Howdy, Lee. We recommend you start a Google Doc, name it “Confidence Boost,” and drop in every piece of praise/positive feedback you ever get from your boss or teammates. When you’re questioning yourself, have a read. Also, know that if you act like you belong somewhere for long enough, people start to believe you do — including yourself.

(Need some advice? Ask The Hustle here.)

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