Vitalik Buterin Endorses NFT Collection, Pumps Value on OpenSea

2023-03-21, 08:02

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/blog/1679447253155655279redian.jpeg)
Vitalik Buterin endorsed the creation and sale of Quadratic collection NFTs.

The Vitalik Buterin backed NFT collectible consists of 9,909 standard NFTs and 12 Limited Edition NFTs.

The Quadratic Funding model aims to contribute funds to web3 projects that have attracted many investors.

Metalabel and <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a> are the creators of the Quadratic collection NFTs.

Keywords: Quadratic NFTs, Vitalik Buterin NFTs, Quadratic funding model, <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a>, Plurality Institute, Liberal Radicalism, Metalabel, web3 projects
## Introduction
There are many factors that determine how digital assets like cryptocurrencies or non-fungible tokens fare on the market.  For example, a strong community support can lead to the increase in  price momentum of a cryptocurrency.  On the other hand, non-fungible tokens backed by influential personalities fetch much money on the market. This post discusses  the performance of Quadratic NFTs on [the OpenSea market](https://www.gate.io/blog_detail/515/the-best-nft-marketplace-for-2022 "the OpenSea market"). 
## Quadratic NFT collection 
The Quadratic NFT collection, created by MetaLabel in partnership with <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a>, is meant to honour Vitalik Buterin, the co-founder of the <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain for his contribution to the Web3 funding model, the Quadratic Funding model. With the Quadratic Funding Model, a project sponsor injects an equal amount of funds into a web3 business as the investors.

**Read also: [Web3 Gaming Sees a Solid Start to 2023](https://www.gate.io/blog_detail/2265/web3-gaming-sees-a-solid-start-to-2023 "Web3 Gaming Sees a Solid Start to 2023") **

This funding model, therefore, injects additional funds in a blockchain-based project that has many independent financial contributors. This increases decentralization and plurality in the funding and governance of web3 projects. 
![](https://gimg2.gateimg.com/image/article/1679385587q.png)
Quadratic Funding record - NFTlately

The underlying principle, in this case, is that whales do not influence the amount of funds the sponsor injects into a project. This is because the donation is based on the number of investors the project has attracted. As such, with this model more people have the chance to support and benefit from web3 projects.

<a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a>, a project that funds open-source web3 tools, uses this funding model to support the decentralized projects. As of now, <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a> has provided more than $70 million to different web3 projects based on the <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain.

**Read also: [How to Bridge the Gap between Web3 and TradFi](https://www.gate.io/blog_detail/2264/how-to-bridge-the-gap-between-web3-and-tradfi "How to Bridge the Gap between Web3 and TradFi") **
## What are Quadratic Funding records? 
The Quadratic Funding records, also known as a record or “Buterin NFT” are NFT that embed a whitepaper that talk about the Quadratic Funding model, created by Vitalik Buterin and his partners. This whitepaper called “Liberal Radicalism” has signatures of Buterin and his co-creators namely Glen E. Weyl, and Zoë Hitzig.  In fact, it explains the mathematical concept of the Quadratic funding model. It also includes a poem entitled " Ode to QF”.

The NFT collection consists of 9,209 standard NFTs and 12 limited edition NFTs that accompany the whitepaper which has Vitalik Buterin, Glen E. Weyl, and Zoë Hitzig’s signatures. In addition, this collection also consists of two essays about the Quadratic Funding model, written by Kevin Owocki and Scott Moore, <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a>’s co-founders. 
### <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a> and MetaLabel 
We have already mentioned <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a> and Metalabel as the creators of the Quadratic NFTs. Metalabel, created by Yancey Strickler (Kickstarter co-founder), Rob Kalin(Etsy founder) and many other Web2 pioneers, is an organization that helps creators to monetize their work using decentralized technology.

Its focus is to enable content creators to collaborate and produce group collections such as newsletters and music releases. 
### Quadratic NFT release
The Quadratic NFTs are already on the market, having been released between 1 and 8 March 2023.  A total of 9,209 standard NFTs, which are the first edition of the Metalabel’s “Quality Drops” series, were minted. From the start, Buterin has been involved since he appended his signature on the whitepaper.

Apart from these standard NFTs, there are 12 “Signature” edition NFTs which were sold through a Dutch auction format with a start bid price of 10ETH. In all, This Quadratic funding collection generated 390 ETH.

The proceeds from this NFT drop will be distributed to three projects namely <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a>, which gets 70% of total sales, the Plurality Institute (an association of creators and researchers involved in web3 projects) which gets 20% and Metalabel which will receive 10%. Metalabel reported that $781,000 was raised for public web3 projects.

**Read also: [NFT timeline: A Brief History of NFTs and Where we are now](https://www.gate.io/blog_detail/2286 "NFT timeline: A Brief History of NFTs and Where we are now")**

In response to the sale, Strickler 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.”
### Vitalik Buterin and NFTs
Although the Quadratic NFTs is the first project where Buterin has been involved in, he has contributed much to the development of the NFT technology. As we know, Buterin developed the <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain and launched it in 2015 with the aim of expanding the blockchain technology. Interestingly, most of the NFT projects are based on the <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain.

**Read also: [The ‘Underexplored Design Space’by Vitalik: non-transferrable NFT](https://www.gate.io/ru/blog_detail/493/the-large-and-underexplored-design-space-of-nfts?lang=en "The ‘Underexplored Design Space’by Vitalik: non-transferrable NFT")**
![](https://gimg2.gateimg.com/image/article/16793856602.png)
Vitalik Buterin - NFTcalender

Buterin alongside Yoni Assia, Lior Hakim, Meni Rosenfeld and Rotem Lev were the first active individuals to focus on the NFT technology since they created the whitepaper for the Colored coins, the precursors of NFTs. Notably, most of the first NFT collections such as Wrapped [CryptoKitties](https://www.gate.io/blog_detail/189/the-1st-blockchain-game-cryptokitties "CryptoKitties") and CryptoPunks exist on the <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain. 
## Conclusion 
Vitalik Buterin endorsed the creation and sale of the Quadratic NFTs created to commemorate his contribution to the Quadratic Funding model.  The edition of the 9,909 standard and 12 Limited Edition NFTs was launched on 1 March and was a great success since it raised millions of dollars. The income generated will be distributed among <a href="/fr/price/gitcoin-gtc" target="_blank" class="blog_inner_link">Gitcoin</a>, Metalabel and  the Plurality Institute.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

Contente

Credit Ranking

Complete Gate Post tasks to upgrade your rank

BTC/USDT

5.39%