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A new NFT collection based on a funding model designed by Ethereum co-founder Vitalik Buterin and two others has gained popularity on OpenSea. The Quadratic Funding Open Edition collection celebrates the quadratic funding proposal that Buterin, Harvard economist Zoë Hitzig, and RadicalxChange founder Glen Weyl published in 2018.
What: Quadratic Funding Open Edition, a new NFT collection based on a funding model designed by Vitalik Buterin, has gained massive popularity on OpenSea, amassing over $7.3 million (4.629 ETH) in the last 24 hours alone.
Why: News of the NFT collection carrying his apparent endorsement today lit up Crypto Twitter, sparking a surge in sales of the NFTs worth several million dollars.
What’s next: The funds from the sales will go toward Gitcoin, the Plurality Institute, and Metalabel, who are releasing the Quadratic Collection to raise funds for public goods.
The collection contains various on-chain records of the proposal, including a new digital copy of the whitepaper signed by the three authors and two essays by Gitcoin’s co-founders. Buterin, Hitzig, Weyl, Kevin Owocki, and Scott Moore are listed as creators, but it’s unclear to what extent Buterin is associated with the collection.
70% of the funds from the sales will go toward Gitcoin, 20% to the Plurality Institute, and 10% to Metalabel, who are releasing the Quadratic Collection “to commemorate and preserve this original work and to raise funds for public goods.”
The Quadratic Funding Signature Edition has attracted several bids, with some NFTs in the collection selling for as high as 17 ETH. The collection has already crossed $10 million in volume in terms of ETH since its release on March 1, with over $7 million in volume in the past 24 hours.
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