Gitcoin Presents NFT Collection Honors Vitalik Buterin’s Quadratic Funding, Earns Nearly $13.3 Million in Sales
In the world of cryptocurrency, NFT have been gaining increasing attention and the latest news is that the floor price of the NFT collection related to Ethereum co-founder Vitalik Buterin has been on the rise.
The NFT Gitcoin Presents collection was created in collaboration between Gitcoin and the NFT Metalabel platform, as a tribute to “Quadratic Funding”, a fundraising mechanism for Web3 projects that was written by Vitalik Buterin, economist Zoë Hitzig, and social activist Glen Weyl.
Get your copy of the Quadratic Funding Collection today and support public goods before the sale ends at noon EST ✨https://t.co/TD3doUN31w
— Gitcoin (🤖, 💚) (@gitcoin) March 8, 2023
Since Vitalik Buterin is a well-known figure in the crypto community, the price of the NFT collection skyrocketed following its minting on March 8th. At one point, Gitcoin Presents even ranked second on the largest marketplace in the market.
Quadratic Funding is a funding method for projects that attracts contributions from the community. However, the difference of this method is that it uses a quadratic formula to calculate the contribution of each investor. This means that larger contributions will have less impact on the total amount raised, ensuring fair distribution of funding and protecting smaller projects. This model has been successfully applied by many projects, such as Gitcoin Grants.
The NFT Gitcoin Presents collection includes 12 special edition NFTs with a signed whitepaper copy by the three authors that were sold through a Dutch auction. The final profit is shared between Gitcoin, Metalabel, and the Plurality Institute technology research company.
As of the time of reporting, there have been 9,221 NFTs minted with a floor price of 0.38 ETH, equivalent to $540 USD. According to data from OpenSea, the total volume of Gitcoin Presents transactions is nearly 13.3 million USD or 9,300 ETH. However, the trading volume in the last 24 hours has significantly decreased.
The minting of this NFT collection has caused a lot of speculation within the crypto community as there is no certainty that Vitalik Buterin is included in the “Creators” list of the collection.
Yeah… an official NFT release from Our Lord and Savior himself: @vitalikbuterin pic.twitter.com/IzjimElgI1
— Harvey Vogelmann (@BirdmannHarvey) March 8, 2023
Nonetheless, the NFT Gitcoin Presents collection has proved to be a successful project, demonstrating the growing interest in NFTs and the potential of Web3 funding mechanisms.
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