NFT collection with links to Ethereum creator, Vitalik Buterin, racked up millions in trading volume just two days after closing the first dip. 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, several whales cannot determine how appropriate funds are delegated based on how much they have contributed.
The collection launched in early March 2023 via an open-issue mint. In total, there were 9,209 coins minted in the first dip at a price of 0.05 ETH. Plus 12 more limited editions “signature” NFTs that were sold via a Dutch auction format. Eventually, metal label, the team behind the project managed to raise over $781,000, which they will now direct to fund various Web3 projects.
Gitcoin x Metalabel: The Square Funding Record
Celebrate quadratic funding and raise funds for public goods with this open-edition record featuring the work of @VitalikButerin@zhitzigig, @glenweylas well as @gitcoin co-founders @owocki and @notscottmoore.
Collect today↓ pic.twitter.com/bpUjT7xptG
— Metalabel (@metalabel_xyz) March 1, 2023
everyone NFT in the collectionknown as a “record”, resembles an album cover and includes a digital version of the 2018 white paper “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds.” It was signed by Buterin and his co-authors, economists Glenn Weil and Zoe Hitzig. The additional 12 limited editions “signature” The NFTs included a signed physical copy of the white paper. Combined, NFTs make up the former “Decrease in Quality” by Metalabel, a project that helps creators monetize their work using DAOs and NFTs.
Handwritten signature of Vitalik Buterin
A Metalabel representative confirmed to the press that Buterin had “agreed to republish the white paper he co-authored” as part of the NFT drop and hand signed the 12 physical copies that are part of “signature” NFT.
The sell-off was minor until the close of the mint on March 8. Now secondary sales of the collection have raised millions. At the time of publication, the collection has accumulated 9,470 ETH ($13,305,350) in trading volume, with the minimum 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 more than five years in the crypto space, specializing in research and creating Web3 content for various media around the world.