Kevin Owocki faults degens of mistaking Gitcoin NFT drop as Vitalik Buterin collection

Kevin Owocki faults degens of mistaking Gitcoin NFT drop as Vitalik Buterin collection

The famous Web3 fundraising podium Gitcoin collaborated with Metalabel to drop an NFT collection in early March, which resulted in Vitalik Buterin stealing the show.

Genesis of Gitcoin NFT drop

Rumors surfaced on crypto Twitter after the drop of the NFT collection by Gitcoin in partnership with Metalabel. Degens and NFT enthusiasts spearheaded the narrative that the collection was associated with Ethereum co-founder Vitalik Buterin.

The NFT paid homage to the prominent quadratic funding idea, which necessitated the distribution of donations worth $70 million to various projects spearheaded by Gitcoin. The mechanism can be traced back to the whitepaper written by Buterin and economists Zo Hitzig and Glen Weyl in 2018.

The project saw twelve limited-edition NFTs, each one signed by the author and sold through a Dutch auction arrangement. The creator of Gitcoin, Kevin Owocki, during an interview on Decrypt’s gm podcast, indicated his disappointment on seeing degens running a narrative that the collection was a creation by Buterin. Owocki said, “The artifact falls under internet history” after seeing people labeling it as Vitalik NFT drop.

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Hyped minting process

The excitement of the NFT series skyrocketed on March 8 when the open edition mint was ending. Most of the NFT influencers behind it had proclaimed that Buterin was fueling the collection.

Some unspecified NFT originating from the collection, whose price could have been priced at 0.05 ETH, made it to OpenSea and other secondary markets, where they traded ten times higher following the efforts of the influencers.

According to Owocki, Buterin’s role in creating the collection was minimal because he politely signed the document based on the request by the marketing team of the Gitcoin decentralized autonomous organization (DAO).

Power of ‘misinformation’

Misformation has a definite power, especially when prominent figures are in the mix. Web3 renowned architects like Buterin have a lot of influence on NFT projects. His name caused hype on the Gitcoin project.

Despite the project attracting more than $781,000, which is significant in Gitcoin’s operations, Owocki thinks otherwise. He believes that the imprudent enthusiasm outshined the good intentions of the project.

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