📜 We’re buying the US Constitution

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.

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.

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.