ConstitutionDAO

The primary purpose of ConstitutionDAO was to raise funds and purchase one of the 13 remaining original copies of the US Constitution, which was being auctioned off by Sotheby's. The DAO aimed to collectively own the historical document and decide where it would be displayed, as a symbolic gesture of the people owning a piece of American history. Beyond just the auction, ConstitutionDAO was an experiment in using decentralized blockchain technology and a DAO structure to enable a large number of people to pool resources and participate in the acquisition of a culturally significant item.

The PEOPLE token was ConstitutionDAO's governance token, which would have given holders voting rights over decisions related to the ownership and display of the Constitution copy if the DAO had successfully purchased it. However, since the DAO was unable to win the auction, the PEOPLE token did not end up having any real-world utility. It was intended to represent fractional ownership and decision-making power over the Constitution, but with the DAO's dissolution, the PEOPLE token has no ongoing use or value. The tokens are still available on decentralized exchanges like Uniswap, but serve no practical purpose now that the ConstitutionDAO experiment has concluded.

After being outbid at the Sotheby's auction, ConstitutionDAO announced that it would be dissolving the organization. All of the Ethereum donations that had been contributed would be refunded to the original donors. The DAO cited technical and administrative requirements as the reasons for shutting down, rather than attempting to continue on with its mission. The failed attempt to purchase the Constitution copy was seen as an experiment that did not ultimately succeed, but the DAO's organizers viewed it as a valuable learning experience in the potential and limitations of decentralized, community-driven initiatives.