An NFT collection with ties to Ethereum creator, Vitalik Buterin, has amassed millions in trading volume just two days after the first drop closed. Dubbed the ‘Quadratic Funding Collection,’ the NFTs honor the concept of quadratic funding, a Web3 funding model supported by Buterin. Mathematically, the model prioritizes project funding based on the number of people who have contributed. Therefore, a few whales can’t determine how matching funds are delegated based on how much they have contributed.
The collection launched at the start of March 2023, through an open-edition mint. In total, there were 9,209 pieces minted in the first drop at the price of 0.05 ETH. Plus, another 12 limited-edition “signature” NFTs, which were sold through a Dutch auction format. Ultimately, Metalabel, the team behind the project, was able to raise over $781,000 that it will now channel into funding for various Web3 projects.
Gitcoin x Metalabel: The Quadratic Funding Record
Celebrate Quadratic Funding and raise funds for public goods with this open-edition record, containing work by @VitalikButerin, @zhitzigig, @glenweyl, as well as @gitcoin co-founders @owocki and @notscottmoore.
Collect today↓ pic.twitter.com/bpUjT7xptG
— Metalabel (@metalabel_xyz) March 1, 2023
Each NFT in the collection, known as a “record,” resembles an album cover and features a digital version of the 2018 whitepaper “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds.” It’s signed by Buterin and his co-authors, economists Glen Weyl and Zoë Hitzig. The additional 12 limited edition “signature” NFTs featured a signed physical copy of the whitepaper. Combined, the NFTs make up the first “Quality Drop” by Metalabel, a project that helps creators monetize their work using DAOs and NFTs.
Vitalik Buterin Handwritten Signature
A representative of Metalabel confirmed to the press that Buterin had “agreed to reissue the whitepaper he co-authored” as part of the NFT drop and hand-signed the 12 physical copies that are part of the “signature” NFTs.
The drop sale was low key until the mint date close on March 8. Now, secondary sales from the collection have raised millions. As of press time, the collection has amassed 9,470 ETH ($13,305,350) in trading volume, with the floor price rising to 0.58 ETH ($815).
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Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.