The PEOPLE token is a governance token closely related to ConstitutionDAO.
background
ConstitutionDAO was established: ConstitutionDAO (Decentralized Autonomous Organization) was established in 2021 with the purpose of crowdfunding a rare original copy of the United States Constitution. It is a decentralized organization where members support the auction through donations.
Bidding event: ConstitutionDAO bid for the original Constitution at a Sotheby's auction. Despite raising over $40 million, they failed to win the bid. This event attracted widespread attention at the time.
PEOPLE Token
Purpose and Functionality: The initial purpose of the PEOPLE token is as a governance token, which allows holders to participate in the governance and decision-making process of the DAO. These decisions include how to use the raised funds, organize future projects, etc.
Issuance and Distribution: After the auction ends, donors can choose to redeem their ETH or keep PEOPLE tokens. PEOPLE tokens thus become a symbolic asset that reflects participants' support for decentralized autonomy and community power.
Market performance: Despite the unsuccessful auction, PEOPLE tokens began to be traded in the secondary market and attracted the attention of speculators. Its price has experienced fluctuations, but there is still a certain market demand.
Symbolism: The PEOPLE token symbolizes the collective efforts and decentralized spirit of the community, and embodies the passion and solidarity of the participants even when the project fails to achieve its original goals.
Future prospects
Governance and community development: Although ConstitutionDAO failed to achieve its original intention, PEOPLE token holders can still participate in decision-making through the DAO's governance mechanism and discuss future development directions and new projects.
Market potential: Due to the unique historical background of the PEOPLE token, it has retained a certain degree of attention in the crypto community. In the future, as more decentralized projects emerge, the PEOPLE token may find value in new application scenarios.
Summarize
The PEOPLE token is the governance token of ConstitutionDAO. Although it failed to achieve its goal of purchasing the original Constitution, it remains a symbol of decentralized autonomy and community power. Its future development will depend on the activity of the community and the emergence of new application scenarios.
