ConstitutionDAO, represented by the token PEOPLE, was an experiment in the realm of decentralized autonomous organizations (DAOs). It was a collective endeavor by web3 enthusiasts who sought to acquire a copy of the U.S. Constitution at a Sotheby’s Auction in November 2021. The DAO was not established by a single entity but was a manifestation of grassroots fundraising movements. Despite raising over $40 million in ETH, the group was outbid, leading to the dissolution of ConstitutionDAO. The PEOPLE token was intended to provide its holders with voting rights over the placement of the Constitution copy, had the bid been successful.

ConstitutionDAO functioned as a non-profit connected to the DAO’s LLC, legally owned by two of its members. It harnessed the power of the internet and cryptocurrencies to rally a large number of donors, raising a substantial amount of funds in a short period. The DAO used Juicebox to receive donations in Ether. The PEOPLE token, associated with ConstitutionDAO, was not a representation of fractional ownership of the Constitution copy, but rather a governance token that would have allowed its holders to vote on the placement of the Constitution copy.

The primary use case for ConstitutionDAO was to facilitate the collective acquisition of a copy of the U.S. Constitution. The PEOPLE token associated with the DAO was intended to serve as a governance token, providing its holders with voting rights on decisions related to the placement of the Constitution copy. However, with the dissolution of ConstitutionDAO, the token no longer holds any rights, governance, or utility, other than the option to redeem them for Ethereum at the original contribution ratio.

ConstitutionDAO was a brief experiment that took place in November 2021. It was a grassroots movement that sought to acquire a copy of the U.S. Constitution at a Sotheby’s Auction. The DAO gained attention and raised over $40 million in ETH from more than 17,000 donors. Despite the substantial fundraising, the DAO was outbid at the auction. Following this, ConstitutionDAO announced its dissolution, and all donations were made available for refund. The PEOPLE token, associated with the DAO, can be redeemed for Ethereum at the original contribution ratio, or kept by its holders for future use, if any.