About ConstitutionDAO (PEOPLE)
ConstitutionDAO is a decentralized organization formed to crowdfund an auction of the U.S. Constitution utilizing the Ethereum cryptocurrency token, $PEOPLE. In late September 2021, an original copy of the U.S. Constitution was put up for auction through Sotheby's, a fine arts and collectibles broker.Ā
Cryptocurrency enthusiasts formed ConstitutionDAO on November 11, 2021, as a community organization to raise funds through a DAO to buy the last privately owned first printing of the U.S. Constitution at auction through Sotheby's. The aim is to prevent wealthy individuals from owning one of only 13 copies of the U.S. Constitution currently in existence.
By the end of the auction, ConstitutionDAO included over 17,000 contributors and had crowdfunded close to 11,000 ETH on JuiceBox. The then-currency price was nearly over $45 million, already more than twice the then-predicted sale price of $20 million.
Ultimately, ConstitutionDAO lost in the auction. Citadel CEO Ken Griffin successfully outbid CostitutionalDAO for the copy of the Constitution.
After being outbid, ConstitutionDAO's core group of contributors announced that it was shutting down ConstitutionDAO and refunding contributions into DAO members' wallets. ConstitutionDAO further stated that the PEOPLE token possesses no rights, governance, or utility other than redeeming the token for Ethereum at a rate of 1 ETH to 1 million PEOPLE.
The current price of PEOPLE token can be live-tracked on Binance.