These crypto enthusiasts are trying to raise $4 billion to buy the Denver Broncos

The Denver Broncos are up for sale, and a group of people are trying to raise more than $4 billion using a distributed ledger of transactions.

A group of people acting in concert with no one leader. Unlike a normal pool of investors, DAOs rely on cryptocurrencies to track and verify participation in the group, as well as to facilitate the inner-workings of how to raise and distribute large amounts of cash. The group includes attorneys, accountants, software developers, pro athletes, and at least one mathematician.

Sean O Brien, who spent over a decade in the legal department of Cisco, is one of the people leading the cause.

It sounds crazy, but it's also a great idea to establish an infrastructure for fans from all walks of life.

The pro football team is valued at $4 billion and is expected to be the most expensive sports team in North America.

The trustees of the team said in a statement that they want to sell the team by the start of the next football season. The cause will need to be raised in the first week of March, because the smart contracts andcryptocurrencies don't go live until then.

The governor of Colorado recently announced plans to accept cryptocurrencies for state tax payments. He told CNBC on the sidelines of the major conference that he would be thrilled.

I would be excited to be a part of it.

The challenge will take a lot of money, but you know what, if your imagination is big enough, it can happen. I would be happy to do anything I could to make it happen.

Denver Broncos player Drew Lock passes against the Kansas City Chiefs.

According toAuston Bunsen, co-founder of QuikNode, a distributed ledger system takes coordination of resources on the internet to a new level.

Bunsen said that they represent a new kind of organization moving at hyper speed.

Cooper Turley, who has helped build several popular DAOs, says they are like an internet community with a shared bank account.

Turley previously told CNBC that a small group of people come together to form a chat group, and then they pull capital together using an Ethereum wallet.

The BuyTheBroncos contingent joined a long list of DAOs pooling funds to buy real-world assets. Although the group didn't place the winning bid, the movement captured the world's attention and helped to mainstream the concept of coin pooling.

The thousands of investors who were part of that DAO were the ones who made ConstitutionDAO's rally call. They would have been granted voting rights over the future of the document if they had become holders of a token called "People".

The Denver Broncos cheerleaders perform at a game against the LA Chargers at Empower Field.

TheConstitutionDAO was essentially a raise, according to a mathematician and computer science PhD student at the University of Cambridge who is advising BuyTheBroncos on how to structure the DAO.

It was kind of like, we'll raise money, we'll buy the Constitution, you don't own any of it, or have any legal rights to it. There is no legal guarantee, but you can vote on where we put it.

The BuyTheBroncosDAO will have a different governance structure. The idea is to give people partial ownership of the team in order for them to have a say in how the team is run. They plan to form the group as a cooperative, similar to outdoor sports retailer REI, which they believe will exempt the owners from certain SEC regulations governing investing in securities.

The effort is not entirely impossible, as evidenced by the fact that BitDAO, which has more than $2.3 billion worth of token on its balance sheet, shows.

It is definitely possible in the world of cryptanalysis. The sum of money is not uncommon, according to Sorensen.

The Buy TheBroncos cause doesn't have much traction. O'Brien's last two attempts to buy professional sports teams with a DAO were unsuccessful, and his account had less than 50 followers. The origin story of ConstitutionDAO is similar.

The 19-year-old member of ConstitutionDAO told CNBC that the group was started as a joke. He says that he and his friends made a meme about buying the Constitution after reading an article about it. The effort snowballed.

We had a bunch of followers the next day after we made a twit. We started working with legal teams, museums, and Sotheby's to try to put it all together, and it ended up working.

The conclusion? The land of crypt is not a good place to underestimate.

The group wants to raise 25% of the money needed to place the winning bid, and then join forces with a group of more traditional buyers to make up the difference.

O Brien is optimistic that the effort will spread awareness even if it fails.

While having a fan-owned Denver Broncos would be amazing, that isn't our final goal.

We want this effort to open up people's eyes to what a DAO can do in the real world and make a tangible connection between this web3 life and the real world. It is thought that it will accelerate the adoption of DAOs for solving real-world problems such as food scarcity or unhoused peoples.

It would be good if these people could seal the deal.

I can't play favorites. This would be really noteworthy for Colorado if they could pull this off, because we want to have a good owner.