OpenSea Sees Explosive Demand for ‘Vitalik’ NFT Collection Linked to Ethereum Co-Founder – Here’s What You Need to Know
Since its association with Ethereum co-founder Vitalik Buterin was revealed, the “Gitcoin Presents” NFT collection has risen to the top spot on OpenSea.
Created by Metalabel in collaboration with Web3 funding platform Gitcoin, the collection is based on Quadratic Funding, a funding model designed by Vitalik Buterin, Harvard economist Zoë Hitzig and RadicalxChange founder Glen Weyl.
The drop includes the project’s 2018 whitepaper, a poem and even physical prints signed by the three founders.
While the open edition was launched on March 1st, the rally gained momentum recently after some NFT traders discovered the connection to Buterin.
So far, the pool has amassed around 5,600 ETH ($13.4 million) in cumulative trading volume, according to data from OpenSea.
Furthermore, the collection consists of 9221 items, with a floor price of 0.3047 ETH (worth around $430).
Each NFT in the collection looks like an album cover and includes a digital version of Quadratic Funding’s 2018 white paper “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds” signed by Buterin and his co-authors, economists Glen Weyl and Zoë Hitzig.
Twelve Signature Edition discs also come with physical copies of the project’s whitepaper. These were called special “Signature Edition” records and were reserved for collectors to mint at 10 ETH, or over $15,000.
The collection’s website notes that Gitcoin and Metalabel are releasing the Quadratic Collection “to commemorate and preserve this original work and to raise funds for public good.” It also states that 70% of the funds from the sale will go to Gitcoin, 20% to the Plurality Institute and 10% to Metalabel.
What is square financing?
Quadratic Funding is a model used in the matching process for crowdfunding campaigns. It is touted as a more democratic and scalable form of matching funding for public goods, as it leverages the donations of a large community over the contributions of a small group with big pockets.
In other words, it means that a few whales cannot decide how matching funds are delegated based on the size of their contribution. At the same time, the breadth of support for specific projects is also a factor.
“Since this idea was introduced, more than $70 million has been directed to public good and open source projects using square funding by Gitcoin and other organizations,” according to the collection’s website.
It is worth noting that the “Gitcoin Presents” collection is not the only NFT project currently trending.
Starbucks, which launched limited edition NFTs consisting of a collection of 2,000 digital “stamps” today, has seen all the NFTs sell out in minutes.
Each priced at $100, the NFTs brought in a total of $200,000 for the coffee house giant. The collection has also generated more than $117,546 in secondary market sales so far.
