What Is ConstitutionDAO (PEOPLE)? The Token That Tried to Buy the Constitution
Key Takeaways
• ConstitutionDAO raised over $40 million in ETH to bid on a first-edition U.S. Constitution copy.
• The PEOPLE token evolved from a governance instrument to a memecoin after the DAO's dissolution.
• The experiment highlighted the viability of internet-native crowdfunding and the importance of smart contract transparency.
• Users should be cautious with memecoins like PEOPLE, which lack formal utility and can be highly volatile.
• Security practices, such as using non-custodial wallets and verifying contracts, are crucial for asset protection.
ConstitutionDAO was one of the most talked‑about crypto experiments of 2021: a crypto collective that raised tens of millions of dollars in ETH to bid on a rare first printing of the U.S. Constitution. Although the bid ultimately failed, the DAO’s governance token, PEOPLE, has continued to trade and evolve, turning into a cultural touchpoint for crypto‑native crowdfunding, on‑chain coordination, and memecoin dynamics.
This article explains what ConstitutionDAO was, how the PEOPLE token came to exist, why it still matters in 2025, and what users should know about security and custody.
The short version: a DAO tried to buy the Constitution
In November 2021, a grassroots group formed ConstitutionDAO to pool crypto funds and bid at Sotheby’s for one of the remaining first‑edition copies of the U.S. Constitution. The DAO raised more than $40 million worth of ETH in less than a week through open contributions, coordinated publicly on Discord and Twitter, and planned to place the document with an institution for public display and stewardship. The episode captured mainstream attention and showcased crypto’s ability to mobilize capital at internet speed. The bid lost to billionaire Ken Griffin at around $43 million, as reported by The New York Times and Reuters, which documented the conclusion of the auction and ensuing public reaction (see coverage by the New York Times and Reuters at the end of this paragraph). The DAO then pivoted to refunds and dissolution rather than continuing operations. For the original context and outcome, see the coverage by the New York Times and Reuters.
What is ConstitutionDAO?
- ConstitutionDAO was a decentralized autonomous organization created to collectively bid on and steward a historic artifact.
- It used smart contracts to accept ETH donations through a public crowdfunding interface (contributors received governance tokens in return).
- The plan was to entrust the document to a museum or similarly qualified custodian, while governance on display and preservation would be community‑directed.
- After the auction, the team announced a wind‑down and open refunds. The project’s official site preserves details and links to contribution/refund information: constitutiondao.com.
For broader DAO context—how DAOs work and why they matter—see Ethereum.org’s DAO overview.
PEOPLE: from governance token to memecoin
Contributors received PEOPLE, the DAO’s token representing governance rights during the campaign. Following the loss at auction and the decision to dissolve, the DAO encouraged refunds. However, PEOPLE continued to trade on exchanges and evolved into a memecoin with no formal utility or associated project roadmap. CoinDesk captured this transition when it reported that PEOPLE surged even as the DAO wound down, highlighting the token’s second life as a market‑driven crypto asset rather than a governance instrument (CoinDesk report).
Key points to remember about PEOPLE today:
- PEOPLE is not a claim on a treasury or any formal DAO operations; ConstitutionDAO dissolved.
- The token’s value is primarily driven by market sentiment and memecoin dynamics.
- Always verify you’re interacting with the correct asset via reputable sources like CoinMarketCap.
How the crowdfunding worked (and what it taught crypto)
ConstitutionDAO showcased several design patterns that are now common across crypto crowdfunding:
- Public, transparent pooling of ETH to pursue a mission.
- Clear governance proposals, with intention to partner with off‑chain institutions for custody and display.
- Open refunds after the mission failed.
The experiment validated two ideas:
- Internet‑native crowdfunding at scale is viable with clear messaging and credible coordination.
- Smart‑contract transparency helps align contributors—funding totals, refund mechanics, and governance all happen on‑chain.
It also highlighted practical trade‑offs:
- Gas costs can make refunds expensive or inconvenient in periods of network congestion.
- The legal wrapper for DAO efforts remains a moving target; the space has evolved since 2021, with notable enforcement actions like the CFTC’s case against Ooki DAO underscoring the importance of compliance and entity structure (CFTC press release).
2025 context: DAOs, memecoins, and the culture of crypto
As of 2025, the DAO concept is alive and well, spanning protocol governance, public goods funding, and internet‑scale coordination. While not every DAO sets out to buy a museum‑grade artifact, ConstitutionDAO’s story still resonates for several reasons:
- It proved crypto communities can mobilize quickly for culturally relevant goals.
- It revealed how governance tokens can outlive their original use and morph into memecoins driven by narrative and community.
- It sharpened conversations around DAO legal structuring, disclosures, and fiduciary obligations.
For a broader vantage point on the state of crypto coordination and adoption, see research like the a16z State of Crypto 2024 report, which tracks developer activity, user growth, and governance trends.
Risks and considerations for PEOPLE and similar tokens
Before engaging with PEOPLE or any memecoin:
- Understand utility: PEOPLE has no formal utility post‑dissolution of ConstitutionDAO.
- Verify contracts: Use official pages and block explorers to confirm token details; start from sources like CoinMarketCap and then navigate to verified contract addresses.
- Expect volatility: Memecoins can experience rapid price swings without fundamental anchors.
- Beware of impersonators: Fake tokens and phishing sites are common—always double‑check URLs and contract addresses using reputable references.
If you want to explore DAO participation more broadly, review high‑level guidance from Ethereum.org’s DAO page and assess how legal structures and compliance apply to your jurisdiction. For funding and public goods, platforms like Gitcoin illustrate how on‑chain grants and quadratic funding have matured since 2021.
Security and custody: why hardware wallets still matter
For assets like PEOPLE, security fundamentals are the same as any ERC‑20:
- Use non‑custodial wallets where you control your keys.
- Sign transactions on trusted devices.
- Maintain offline backups of seed phrases and consider passphrases for additional protection.
- Verify token contracts on‑chain before interacting with DeFi protocols or sending funds.
If you prefer a dedicated device for cold storage, OneKey hardware wallets offer open‑source firmware, clear‑screen transaction verification, and multi‑chain support—useful whether you’re holding governance tokens or memecoins. In fast‑moving narratives like PEOPLE, self‑custody with strong operational hygiene reduces risk exposure from exchange downtime, phishing, and mis‑signing.
Final thought
ConstitutionDAO was a milestone in crypto’s cultural history—a proof that internet‑native communities can mobilize capital rapidly for shared goals. PEOPLE’s evolution into a memecoin reflects the broader crypto pattern where tokens can outlast original governance missions and become symbols of community and narrative. If you engage with PEOPLE or similar assets in 2025, combine curiosity with caution: verify contracts, understand the absence of formal utility, and prioritize secure custody. For long‑term, non‑custodial storage, a hardware wallet like OneKey can help keep your keys safe while you explore the next chapter of on‑chain coordination.
