ConstitutionDAO was a decentralized autonomous organization (DAO) created in November 2021 with the purpose of purchasing an original copy of the United States Constitution at an auction held by Sotheby’s. The group aimed to leverage blockchain technology and the power of collective action to make a historic acquisition. ConstitutionDAO used Ethereum to allow individuals from around the world to pool funds in exchange for governance tokens, known as $PEOPLE.

The project gained massive traction online, raising over $47 million in just a few days through contributions from around 17,000 participants. Despite the impressive fundraising effort, the DAO was ultimately outbid at the auction by a private buyer, who was later revealed to be Citadel CEO Ken Griffin.

Although ConstitutionDAO did not succeed in purchasing the document, the initiative showcased the potential of decentralized, internet-native communities to organize and raise funds quickly. After the auction, the DAO decided to disband, and contributors were offered the option to receive refunds. However, $PEOPLE tokens were retained by some holders as a symbol of their involvement, and the token itself continued to have a life beyond the project, gaining traction within the crypto community as a meme coin.

The legacy of ConstitutionDAO is seen as a milestone moment in the blockchain space, highlighting how decentralized technology can be used for crowdfunding and collective governance, even if the original mission was not fulfilled.