Crypto Twitter explodes after the revelation that Vitalik Buterin has an NFT collection

Vitalik Buterin, the creator of Ethereum, has been one of the most influential figures in the world of cryptocurrency for years now. His contributions to the industry go far beyond the foundation of Ethereum alone, and a recently-launched NFT collection decided to celebrate those contributions. Initially launched on March 1st of this year, the collection — known as The Quadratic Funding Collection — passed fairly unnoticed at first.

However, after the crypto Twitter discovered what it is about, it amassed over $7.3 million (4.629 ETH) in the last 24 hours alone.

Details about the collection

The collection was created to celebrate Buterin’s contributions to the crypto industry, and particularly to a popular Web3 funding model. It was created by Metalabel, which made it together with Gitcoin, a popular Web3 funding platform.

GITCOIN X METALABEL PRESENTS: The Quadratic Funding Collection ✨

Support Public Goods with an open-edition @metalabel_xyz record containing work by @VitalikButerin, @zhitzig, @glenweyl, and Gitcoin co-founders @owocki and @notscottmoore.

Collect today 👇 pic.twitter.com/stuVlllgGV

— Gitcoin (🤖, 💚) (@gitcoin) March 1, 2023

Yancey Strickler, who established Metalabel, said “We’re blown away by the response to Quality Drop 01 and what it means for the future of creative collaboration- Helping to generate more than $700,000 in funding for public goods and a newfound appreciation for great creative work using the record format says this is an exciting new way for creators to release and fund their work.”

After the collection blew up, its floor price rose to $905 (0.58 ETH).

✨Quality Drop 01✨

The Quadratic Funding Record by @VitalikButerin @zhitzig @glenweyl @notscottmoore @owocki @gitcoin

> 9,209 editions collected> 12 signature editions sold out> 390 ETH in sales> $781,274 for public goods> https://t.co/0vyrF6rP97https://t.co/7ot17FKyNt

— Metalabel (@metalabel_xyz) March 8, 2023

Individual pieces of the collection are known as “records,” and each of them looks like an album cover. They all come with a digital version of a paper called “liberal Radicalism: A Flexible Design for Philanthropic Matching Funds,” which was signed by both Buterin and his co-authors, including Zoe Hitzig and Glen Weyl.

The importance of Buterin’s paper

As the name suggests, the project commemorates the development of the concept of quadratic funding, which is a model that intends to increase contributions to various projects. The way it does this is by offering matching funds to individual donations. As such, it prioritizes the projects on the basis of how many people they manage to attract and inspire.

What this means in practice is that Buterin has taken power away from a handful of whales, which could no longer be the ones to decide how matching funds are delegated, simply on the basis of them having more money than other users. Before this model, the funds were granted to the projects based on the size of the contribution that they received from the crowd. The new model made it important to have more people supporting the project and not a greater amount of money.

To date, Gitcoin — the platform that funds Web3 tools and projects via quadratic funding — has already granted around $70 million across the entirety of Ethereum’s ecosystem.

Apart from the paper, each NFT also delivers two essays regarding quadratic funding, written by Scott Moore and Kevin Owocki, the co-founders of Gitcoin. The collection finished minting today with a total of 9,209 standard NFTs being minted. However, there are additional 12 limited-edition signature NFTs that came with physical copies of the whitepaper, which are also signed. These were sold through a Dutch auction format.

In total, the drop raised more than $781,000 for public goods projects. Buterin himself was on board with the project, as he agreed to reissue the whitepaper that he co-authore for the drop, and sign the 12 physical copies.

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