An NFT collection dubbed Quadratic Funding, designed by Vitalik Buterin, co-founder and inventor of Ethereum, and others is rapidly gaining traction on OpenSea, thanks to its innovative funding model. This model has been met with enthusiasm from the blockchain community, making Quadratic Funding an increasingly popular choice for NFT collectors.
Quadratic NFT Collection
The collection comprises multiple on-chain entries of this proposition, including the digitally-signed whitepaper by the three authors, plus two detailed evaluations by the Gitcoin co-founders which praised its impact. The collection is credited to Buterin, Hitzig, Weyl, Owocki and Moore, of which Vitalik Buterin has not made any public statement of association. Nevertheless, it remains a remarkable testament to the collaborative efforts of these individuals.
The Quadratic Collection is being released by Gitcoin and Metalabel to commemorate and preserve this original work, while also raising funds for public goods; 70% of the proceeds will be donated to Gitcoin, 20% to the Plurality Institute, and 10% to Metalabel. The Quadratic Funding Signature Edition is currently accepting a number of bids for the NFTs in its collection. Most bids are beneath 0.5 ETH, yet a few are as high as 17 ETH.
All about the Vitalik Buterin’s Quadratic Funding
Quadratic Funding is an effective model for crowdfunding campaigns. Studies have estimated that it has had a considerable impact, yielding over $21 million. Based on decentralization principles, this model ensures greater accessibility and equitable distribution of resources.
In 2019, Vitalik Buterin published a blog post introducing the concept of Quadratic Funding and its application to the Gitcoin platform. Three years later, in May 2022, Buterin queried the crypto community to assess their interest in the model.
Introduction to quadratic voting / funding / attention payments.https://t.co/UyrV6FCmkC
— vitalik.eth (@VitalikButerin) December 8, 2019
Quadratic Funding Collection Raising Millions
Despite the sudden launch, the collection has achieved considerable financial success. Within the period from March 1 until today, this collection has already amassed $10 million in ETH. In the past day, the figure has risen to an impressive $7 million in volume.