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An NFT collection based on a funding model designed by Vitalik Buterin and others is gaining popularity on OpenSea. The collection is called Quadratic Funding.
An NFT collection seemingly associated with Ethereum co-founder Vitalik Buterin has begun skyrocketing in value on OpenSea. The Quadratic Funding Open Edition is a collection that celebrates 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 on-chain records of the proposal. This includes a new digital copy of the whitepaper signed by the three authors and two essays by Gitcoin’s co-founders celebrating its impact.
One 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 on this collection, so it’s unclear to what extent he is associated with it.
70% of the funds from the sales will go toward 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 goods.”
The Quadratic Funding Signature Edition is reciting several bids at the moment. Most bids for the NFTs in the collection are under 0.5 ETH. But there are some selling as high as 17 ETH.
What Is Vitalik Buterin’s Quadratic 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 quadratic funding in the past in blog posts. In 2019, he offered an introduction to quadratic funding. More recently, in May 2022, he asked the crypto community if there was any interest in the model.
Quadratic Funding Collection Raises Millions in Short Time
Despite dropping largely unannounced, the collection has already raked in millions. Since releasing on March 1, the collection has crossed $10 million in volume in terms of ETH. In the past 24 hours, it has managed over $7 million in volume.
While there is no official word from Buterin yet, a representative from Metalabel told Decrypt that Buterin had “agreed to reissue the whitepaper he co-authored.” He also reportedly informed the outlet that he had signed 12 physical copies of the whitepaper in the signature editions.