Even after the DAO lost the auction to Citadel hedge fund titan Ken Griffin for $42.2 million, the PEOPLE token continued to have market value, as not all DAO members chose to withdraw,some because of the friction of converting their tokens into other tokens, but others because they continued to believe there was value in the group that had assembled itself on‐chain. The idea that communities such as DAOs have intrinsic value apart from the value of assets they hold becomes fundamental in our chapters on Web3 community.
