In November 2021, a group of web3 enthusiasts came together as a decentralized autonomous organization (DAO) with the common goal of purchasing a copy of the U.S. Constitution at a Sotheby's auction. There are only 13 original physical copies of the U.S. Constitution in existence, so a fierce battle unfolded at the auction. Despite the group managing to raise much more than the planned 40 million dollars, $ETH , ultimately it failed the task and was outbid by billionaire Ken Griffin, a hedge fund manager and CEO of Citadel.
Constitution DAO published its first tweet on November 12, just six days before the Sotheby's auction on November 18. The copy of the Constitution was the last remaining privately owned copy, and for the first time in 33 years, a copy of the Constitution was up for sale. Within a few hours, the DAO's Discord server grew by several thousand people and eventually reached 20,000 members in just over a week.
After the auction concluded, Constitution DAO announced that it would dissolve, as it had planned in case of failure from the very beginning. As reasons, the DAO cited technical and administrative conditions, and donations can be refunded for an indefinite period through the project's website. Currently, the only technological value of the token $PEOPLE lies in the fact that it can be exchanged for ETH at a ratio of 1,000,000 : 1. At the time of writing, the price $PEOPLE is $0.065, which equals $65,000 for 1 ETH
