ConstitutionDAO PEOPLEPrice $ 0.00982

ConstitutionDAO was a decentralized autonomous organization (DAO) formed with the aim of purchasing a rare copy of the US Constitution. This DAO was a community-driven effort, enabling individuals to pool their resources to acquire a rare asset typically beyond the reach of the average person. Its primary objective was to utilize blockchain technology to establish a transparent and decentralized platform for the ownership and management of rare assets.

History of ConstitutionDAO

ConstitutionDAO was launched in November 2021 by a group of cryptocurrency enthusiasts and investors, with the goal of purchasing one of the 13 surviving copies of the US Constitution printed in 1787. This document, considered one of the most significant historical artifacts, had been largely inaccessible to the public due to its rarity.

The idea was first proposed by Trent Griffin, a well-known cryptocurrency investor on Twitter. His suggestion gained traction, leading to the formation of ConstitutionDAO. The organization launched its first fundraising round on November 15, 2021, rapidly gaining support within the cryptocurrency community.

Within 24 hours, the DAO raised over $1 million from more than 17,000 individual investors. By November 18, 2021, the total funds had surged to over $47 million through the sale of $PEOPLE tokens, the DAO's native token, which investors received in exchange for their contributions.

The initiative sparked controversy, raising questions about the legality of owning a rare historical document via a decentralized platform. Similar concerns had previously led the U.S. government to block the sale of a rare copy of the Magna Carta through a comparable platform, citing preservation concerns.

On November 19, 2021, ConstitutionDAO participated in an auction at Sotheby’s. Although the DAO's bid was among the highest, it ultimately failed to secure the document. Despite sufficient funds, concerns about the upkeep and conservation of the Constitution limited the DAO's bid, resulting in a loss to a $43.2 million winning offer.

Despite this setback, ConstitutionDAO became a landmark example in the cryptocurrency community for its innovative approach to decentralized asset ownership, inspiring similar projects.

Following the auction, the DAO disbanded and refunded contributors, deducting transaction costs on the Ethereum network.