Unifred Unifred 10.03.2023

Vitalik Buterin’s Quadratic Funding NFT Collection Attracts Millions of Dollars

The Quadratic Funding NFT Collection, co-founded by the Ethereum creator Vitalik Buterin, made waves in the secondary market within the past few days. The collection, launched on March 1st, 2023, resulted in the minting of 9,221 tokens at a floor price of 0.05 ETH. 

Since then, public interest has remained relatively high, as shown by OpenSea data for the items listed under the “Gitcoin Presents” compilation. The statistics show that a further 9,475 ETH (appr. $13 million) worth of tokens has been traded on the secondary market. Most of its total volume traded came on March 8th, when the collection saw 1,883 ETH enter the market. Its current floor price is 0.399 ETH, with a reported 2,882 holders.

The Quadratic Funding Record is a fundraising scheme proposed in a 2018 whitepaper titled Liberal Radicalism and written by Vitalik Buterin, Harvard economist Zoë Hitzig, and social technologist Glen Weyl. The document explained the concept of quadratic funding and how it can empower public fundraising. 

The Quadratic Funding NFT collection launched by the NFT platform Metalabel and Gitcoin features the above-stated whitepaper, a poem, and exclusive physical prints signed by three founders.

The collection has two records – an Open Edition and a 12-special Signature Edition. The Open Edition, minted in the latest NFT sale, gives holders ownership of a digital copy of the whitepaper signed by its authors and two essays by Gitcoin founders Kevin Owocki and Scott Moore commenting on the success of the funding scheme.

The 12-special Signature Edition features original copies of the whitepaper hand-signed by the three co-authors. The minting price starts at 10 ETH, with each item resembling an album cover. The project’s website revealed it would distribute profits from the sale.

“All funds raised by this record will be split between the Gitcoin Grants Matching Pool and the Plurality Institute, both of which fund and support public goods,” the team wrote. 

The massive interest in the Buterin-affiliated NFTs shows how much the community has anticipated a collection from the Ethereum genius. It also demonstrates the cumulating effort of the community members to support the growth of open-source projects.