But despite the huge amount of money raised, the group failed to buy the document.
“While this wasn’t the outcome we hoped for, we still made history tonight with ConstitutionDAO. This is the largest crowdfund for a physical object that we are aware of — crypto or fiat. We are so incredibly grateful to have done this together with you all and are still in shock that we even got this far.”
The group said those who contributed funds “will be able to get a refund of your pro rata amount (effectively minus gas fees) through Juicebox.”
In case you’re wondering what DAO means, it stands for “decentralized autonomous organization.” DAOs are set up using the blockchain, the backbone of bitcoin and other cryptocurrency transactions.
Cryptocurrencies are becoming increasingly popular methods of payment in the art world.
Sotheby’s, in particular, has embraced bitcoin and ethereum, or ether for short, as a way for collectors to bid on pieces of art and other items.