People Token from the Secondary Market

Constitution DAO (2021-2021) was an experiment in a single-purpose DAO (Decentralized Autonomous Organization) which intended to buy a rare copy of the U.S. Constitution at a Sotheby’s auction on Nov. 18 2021, then turn it into a formal non-profit run by the DAO’s donors. Constitution DAO crowdfunded close to $47 million in Ether, through a campaign carried out over social media. Someone wishing to join Constitution DAO was supposed to buy a token- People token, in exchange for ETH at a 1 ETH : 1,000,000 $PEOPLE ratio; the more tokens one owns, the more votes that person gets. But the collective didn’t prevail at auction—the document instead went to billionaire Ken Griffin and the team behind it decided to end the project and make full refunds available to the community in the same ratio of ratio of 1,000,000:1. People were also given the option to keep their PEOPLE tokens and do with them as they please.