Vitalik Buterin’s Quadratic Funding Model NFT pumps on OpenSea
An NFT collection based on a financing model designed by Vitalik Buterin and others is gaining popularity on OpenSea. The collection is called Quadratic Funding.
An NFT collection apparently associated with Ethereum founder Vitalik Buterin has started to skyrocket in value on OpenSea. Quadratic Funding Open Edition is a collection celebrating the quadratic funding proposal that Buterin, Harvard economist Zoë Hitzig, and RadicalxChange founder Glen Weyl published in 2018.
Quadratic NFT Collection
The collection contains various chain registrations of the proposal. This includes a new digital copy of the white paper signed by the three authors and two essays by Gitcoin’s co-founders celebrating its impact.
A notable aspect of the collection is that Buterin, Hitzig, Weyl, Kevin Owocki and Scott Moore are listed as creators. Buterin has not made a public statement about this collection, so it is unclear to what extent he is associated with it.
70% of the funds from the sale go to Gitcoin, 20% to the Plurality Institute and 10% to Metalabel. The collection description notes that Gitcoin and Metalabel are the ones releasing the Quadratic Collection “to commemorate and preserve this original work and to raise funds for public good.”
Quadratic Funding Signature Edition recites several commandments at the moment. Most bids for the NFTs in the collection are below 0.5 ETH. But there are some selling as high as 17 ETH.
What is Vitalik Buterin’s Square Funding?
Quadratic Funding is a specific model used in the matching process for crowdfunding campaigns. It is estimated that this model has had an impact of over $21 million so far. The essence of this model is that it is more decentralized.
Buterin has previously talked about Gitcoin and square funding in previous blog posts. In 2019, he offered an introduction to quadratic finance. More recently, in May 2022, he did asked crypto community if there was any interest in the model.
Square Fundraising Raises Millions in a Short Time
Despite being dropped largely unannounced, the collection has already earned millions. Since its release on March 1, the collection has passed $10 million in volume in terms of ETH. In the last 24 hours, it has managed over $7 million in volume.
While there’s no official word from Buterin yet, a representative from Metalabel told Decrypt that Buterin had “agreed to release the whitepaper he co-authored.” He is also said to have informed the outlet that he had signed 12 physical copies of the white paper in the signature editions.
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Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
