The latest Non-Fungible Token (NFT) collection that is associated with Vitalik Buterin, the creator of Ethereum, has generated millions in trading volume just two days after its initial drop. The NFTs, known as the “Quadratic Funding Collection” pay tribute to the concept of quadratic funding, which is a funding model for Web3, supported by Buterin. Mathematically, the model prioritizes project funding based on the number of contributors, ensuring that a few individuals cannot dictate how matching funds are distributed based on their contribution amount.
The collection was launched at the beginning of March 2023 through an open-edition mint. The first drop saw 9,209 pieces minted, each priced at 0.05 ETH, with an additional 12 “signature” NFTs that were sold via a Dutch auction format. The Metalabel team, which was behind the project, raised over $781,000 during the initial drop. The funds collected will now be channeled towards supporting various Web3 projects.
Each NFT in the collection, referred to as a “record,” depicts an album cover and includes a digital version of the 2018 whitepaper titled “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds.” The paper is co-authored by Buterin and economists Glen Weyl and Zoë Hitzig, and the NFTs are signed by all three authors. The 12 limited edition “signature” NFTs contain a signed physical copy of the whitepaper. Together, the NFTs make up the first “Quality Drop” by Metalabel, a project that helps creators monetize their work using DAOs and NFTs.
Gitcoin x Metalabel: The Quadratic Funding Record
Celebrate Quadratic Funding and raise funds for public goods with this open-edition record, containing work by @VitalikButerin, @zhitzigig, @glenweyl, as well as @gitcoin co-founders @owocki and @notscottmoore.
Collect today↓ pic.twitter.com/bpUjT7xptG
— Metalabel (@metalabel_xyz) March 1, 2023
Vitalik Buterin’s Handwritten Signature A representative from Metalabel has confirmed that Buterin agreed to reissue the whitepaper and hand-signed the 12 physical copies that are part of the “signature” NFTs.
The drop sale went under the radar until the close of the mint date on March 8. Since then, secondary sales from the collection have generated millions. As of the time of writing, the collection has amassed a trading volume of 9,470 ETH ($ 13,305,350), with the floor price rising to 0.29 ETH.
The Significance of Quadratic Funding
Quadratic funding is a funding model that utilizes a mathematical algorithm to ensure that the contributions of smaller donors are weighted more heavily than those of larger donors. This approach helps to democratize the funding process, ensuring that more people can participate in the decision-making process. In contrast to traditional funding models that prioritize high-value contributions from a few individuals, quadratic funding is more inclusive, prioritizing the contributions of a larger number of individuals.
The use of quadratic funding in the “Quadratic Funding Collection” NFTs underscores the importance of democratizing the Web3 funding process. With NFTs and DAOs gaining popularity in the Web3 space, the use of quadratic funding can help to ensure that more people can participate in funding decisions, promoting greater transparency and inclusivity.
Conclusion
The “Quadratic Funding Collection” NFTs associated with Vitalik Buterin have generated millions in trading volume just two days after the initial drop. The collection’s use of quadratic funding underscores the importance of democratizing the Web3 funding process, promoting greater transparency and inclusivity. As NFTs and DAOs continue to gain traction in the Web3 space, the use of quadratic funding can help to ensure that more people can participate in funding decisions.
