The decision to embrace crowdfunding marks a departure for the Smithsonian, which normally relies on federal funds and voluntary donations.
Alison Mitchell, public affairs specialist at National Air and Space Museum, told CNBC that this campaign was the first of many for the museum, who has now entered a multi-project partnership with Kickstarter.
"Funds for Neil Armstrong's spacesuit is the first of many. We thought this artifact, given that it is one of the most iconic in the collection, was a choice to start with."
"The Smithsonian has always needed private funding for projects like this and Kickstarter gives us a new way to do that. Through these campaigns, the public will have a chance to be involved in the entire process – from fundraising to completion – regardless of their level of support."
As the Smithsonian enters this digital donating stage, other museums may be inspired to integrate this system more rigorously. In a England- focused "Digital Culture 2014" report, one of the most popular trends predicted to grow for art institutions in 2015 was crowd-funding and online donations.
Read MoreBuild the economy on Earth by exploring space: Tyson