Ethereum creator Vitalik Buterin is a Web3 luminary, so word today of an NFT collection featuring his apparent stamp of approval has set Crypto Twitter ablaze—and led to surging sales of the NFTs to the tune of several million dollars’ worth.
The NFT collection, which celebrates Ethereum creator Vitalik Buterin’s contributions to a popular Web3 funding model, was created by Metalabel in collaboration with Web3 funding platform Gitcoin. The open edition mint launched on March 1, but NFT traders may have missed the memo before today when secondary sales suddenly ripped following the end of the initial sale period.
As of publication, The Quadratic Funding Collection has amassed some 4,692 ETH ($7.3 million) in trading volume over the past 24 hours as the floor price rose to 0.58 ETH ($905).
Each NFT in the collection—known in Metalabel parlance as a “record”—looks like an album cover and includes a digital version of the 2018 whitepaper “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds” signed by Buterin and his co-authors, economists Glen Weyl and Zoë Hitzig. It’s the first “Quality Drop” project from Metalabel.
The NFT project commemorates the creation of the concept of quadratic funding, a model that seeks to maximize contributions to projects by providing matching funds to individual donations. The mathematical formula “prioritizes projects based on the number of people who contributed,” according to RadicalxChange, which Weyl founded to advance decentralization and plurality in governance and governments (Buterin is on the board).
Read more: decrypt.co