Vitalik Buterin’s endorsed NFT collection pumps on OpenSea, recorded $7m in 24 hours

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Vitalik Buterin’s endorsed NFT collection pumps on OpenSea, recorded $7m in 24 hours

Vitalik Buterin’s endorsed NFT collection called ‘The Quadratic Funding Open Edition’ has set OpenSea ablaze as NFT enthusiasts purchase millions of dollars worth of the collection in 24 hours.

Vitalik Buterin endorses an NFT project

Vitalik Buterin, Ethereum co-founder and Russian computer scientist, has shocked the NFT arena by endorsing an NFT project called ‘The Quadratic Funding Open Edition’. With Vitalik’s influential status in the crypto world likely to blame, The Quadratic Funding Open Edition NFT collection has reigned supreme on OpenSea, the world’s largest NFT marketplace, in sales and trading volume with over 3,518 owners. 

Reports indicate that in the past 24 hours, the collection has seen sales ramp up to over 4,692 ETH, approximately $7.3 million, with the current Ethereum (ETH) price. The collections’ outstanding volume sits at 7,144 ETH (more than $10 million) at the time of this publication, according to real-time data from OpenSea

Quadratic Funding Open Edition collection debuts on OpenSea

The Quadratic Funding Open Edition collection was released on March 1 and is based on a funding mechanism orchestrated and engineered by Vitalik, a Harvard economic professional, Zoë Hitzig, and RadicalxChange founder Glen Weyl. 

The collection was launched through an alliance between Metalable, a creators’ operating system, and a Web3 software developing hub known as Gitcoin.

Metalable issued an update on the overall performance of the NFT through a post on Twitter. According to the tweet, the collection has 9,209 editions collected and twelve sold out “signature” editions. 

Vitalik previously covered Quadratic Funding (also known as plural Funding) in a blog that he published in Dec 2019. According to the blog, a model is a decentralized form of governance that acts as a “mechanism for funding public goods”.

Although Vitalik has not yet released word concerning the project, a Metalable spokesperson told decrypt that the Russian crypto pioneer had already confirmed to “reissue the white paper he co-authored” in 2018. 

The project has also sparked discussions and mixed reactions as NFT lovers head to social media to express their views. One particular user urged his Twitter followers to stay away from the collection.

Of the funds raised, 10% will be allocated to Metalable and 20% to Plurality Institute. The remaining 70% will go to Gitcoin.

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