OpenSea Sees Explosive Demand for ‘Vitalik’ NFT Collection Tied to Ethereum Co-Founder – Here’s What You Need to Know

NFTs Vitalik Buterin
Last updated:
Author
Author
Ruholamin Haqshanas
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: Adobe/Proxima Studio

Since its association with Ethereum co-founder Vitalik Buterin was revealed, the “Gitcoin Presents” NFT collection has surged to the top spot on OpenSea.

Created by Metalabel in collaboration with Web3 funding platform Gitcoin, the collection is based on Quadratic Funding, a funding model designed by Vitalik Buterin, Harvard economist Zoë Hitzig, and RadicalxChange founder Glen Weyl. 

The drop includes the project’s 2018 whitepaper, a poem, and even physical prints signed by the three founders. 

While the open edition mint launched on March 1, the collection found momentum just recently after some NFT traders spotted its connection with Buterin. 

So far, the collection has amassed around 5,600 ETH ($13.4 million) in cumulative trading volume, according to data by OpenSea. 

Furthermore, the collection consists of 9221 items, with a floor price of 0.3047 ETH (worth around $430).

Each NFT in the collection looks like an album cover and includes a digital version of Quadratic Funding’s 2018 whitepaper “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds” signed by Buterin and his co-authors, economists Glen Weyl and Zoë Hitzig. 

Furthermore, twelve Signature Edition records come with physical copies of the project’s whitepaper. These were called special “Signature Edition” records and were reserved for collectors to mint at 10 ETH, or over $15,000.

The collection’s website notes that Gitcoin and Metalabel are the ones releasing the Quadratic Collection “to commemorate and preserve this original work and to raise funds for public goods.” It also says 70% of the funds from the sales will go toward Gitcoin, 20% to the Plurality Institute, and 10% to Metalabel. 

What is Quadratic Funding?

Quadratic Funding is a model used in the matching process for crowdfunding campaigns. It is touted as a more democratic and scalable form of matching funding for public goods as it amplifies the donations made by a large community over the contributions made by a small group with big pockets.

In other words, that means that a few whales can’t determine how matching funds are delegated based on the size of their contribution. Meanwhile, the breadth of support for particular projects is also a factor.

“Since this idea was introduced, more than $70 million has been directed to public goods and open source projects using quadratic funding by Gitcoin and other organizations,” according to the collection’s website.

It is worth noting that the “Gitcoin Presents” collection is not the only NFT project currently trending. 

Starbucks, which launched its limited edition NFTs consisting of a collection of 2,000 digital “Stamps” today, has seen all the NFTs sold out in minutes.

Each priced at $100, the NFTs brought in a total of $200,000 for the coffeehouse giant. The collection has also generated more than $117,546 in secondary market sales so far. 

More Articles

Price Analysis
Up 11% This Week: Cardano Breakout on the Horizon?
Arslan Butt
Arslan Butt
2025-02-16 15:11:01
Price Analysis
Mantra Soars Explosive 27.9% This Week: What’s Next?
Arslan Butt
Arslan Butt
2025-02-16 14:37:51
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors