But despite the huge amount raised, the group was unable to buy the document.
“Even though this was not the result we were hoping for, we still wrote history tonight with ConstitutionDAO. This is the biggest crowdfund for a physical object we are aware of ̵[ads1]1; crypto or fiat. We are so incredibly grateful to have done this together with all of you and is still in shock that we even got this far. “
The group said that those who contributed funds “will be able to get a refund of your pro rata amount (effectively minus gas taxes) through Juicebox.”
In case you are 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 payment methods 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 artwork and other objects.