Despite being deep in the weeds of the blockchain and creating Ethereum in 2013, Vitalik Buterin has only just released his first drop of non-fungible tokens (NFTs). Accordingly, the open-edition NFT collectibles, “Quadratic Funding Record” surpassed 4,692 ETH ($7.3 million) in trading volume over the past 24 hours.
Quick Takes:
- Co-Founder of Ethereum, Vitalik Buterin, released his first collection of NFTs, the “Quadratic Funding Record”.
- The project includes NFTs, a signed whitepaper, and a poem. Collectors can also choose from various packaging options.
- All proceeds from the NFT sales are allocated to three different projects: Gitcoin, The Plurality Institute taking, and Metalabel.
What are ‘Quadratic Funding Record’ NFTs?
The Quadratic Funding Record are NFT collectibles that embed a whitepaper dubbed “Liberal Radicalism”. The document introduces the revolutionary concept of quadratic funding to the Web3 world since 2018.
The NFTs were first released last week in an open-edition mint that concluded today. In the end, a total of 9,209 standard NFTs were minted, reaping in more than $7.3M in sales.
Vitalik Buterin worked alongside Glen E. Weyl, and Zoë Hitzig to develop the quadratic funding concept and its digital assets. The reason being is that, together, they share the same goal of revolutionizing project economies.
One of the most central principles of the project includes allocating resources to benefit the economies of the number of people involved with these digital assets. As such, the whitepaper explains the mathematical equation underlying quadratic funding, alongside a poem dubbed “Ode to QF”.
Additionally, 12 limited-edition collections, the “Signature Edition” record, accompany a physical copy of the whitepaper, signed by the NFT creators Vitalik Buterin, Glen E. Weyl, and Zoë Hitzig.
All NFTs also come with two essays about quadratic funding from Gitcoin’s Co-Founders Kevin Owocki and Scott Moore.
The Allocation Strategy: Good Use of the Proceeds
All proceeds generated from the NFTs will allocate to three different projects. Gitcoin will receive the most significant share of 70% over being the beneficiary of this drop, which will support upcoming projects and brands’ Web3 journeys on the Ethereum blockchain.
On the other hand, taking 20% of the proceeds is The Plurality Institute — an association consisting of top creators and researchers from diverse fields committed to exploring plural technologies.
It’s also worth noting that these collectibles are the first in a new “Quality Drops” series created by Metalabel, who is entitled to the last 10% of all profits.
Buterin alongside the other Quadratic Funding founders also intend to leverage the NFTs to support other promising creators and projects.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.
