The floor price of the NFT collection, which is indirectly related to Ethereum co-founder Vitalik Buterin, has been continuously peaking over the past 48 hours.
NFT Gitcoin Presents is jointly implemented by Gitcoin and the NFT Metalabel platform, in honor of “Quadratic Funding”, a Web3 fundraising mechanism written by Vitalik Buterin, economist Zoë Hitzig and activist Glen Weyl.
Get your copy of the Quadratic Funding Collection today and support public goods before the sale ends at noon EST ✨https://t.co/TD3doUN31w
— Gitcoin (🤖, ) (@gitcoin) March 8, 2023
Also because of the “reputation” of the founder of Ethereum, the NFT price skyrocketed after the March 8 mint. There was even a time when Gitcoin Presents was in the top 2 trending on the largest marketplace in the market.
Quadratic Funding is a method of funding projects by soliciting contributions from the community. However, the difference of this method is that it uses a quadratic formula to calculate the amount of each investor’s contribution. This means that larger contributions will have less impact on the total amount raised, thereby ensuring funding is distributed fairly and protecting small projects. This model has been successfully applied by many projects, for example, Gitcoin Grants.
In which, 12 special edition NFTs with whitepaper copies signed by 3 authors are open for sale in the form of a Dutch auction. The final profits are shared between Gitcoin, Metalabel and technology research firm Plurality Institute.
As of press time, 9,221 NFTs have been minted, with a floor price of 0.38 ETH, equivalent to 540 USD. According to data from OpenSea, the total trading volume of Gitcoin Presents stands at 9,300 ETH, or nearly $13.3 million. However, the trading volume on the 24h frame is decreasing significantly.
But the minting caused quite a stir in the crypto community as it was not certain that Vitalik was on the “Creators” list of the collection as rumored.
Yeah… an official NFT release from Our Lord and Savior himself: @vitalikbuterin pic.twitter.com/IzjimElgI1
— Harvey Vogelmann (@BirdmannHarvey) March 8, 2023
Did Vitalik drop an NFT with Gitcoin?
Don’t really care.
If 670 (7%) are owned my Machi…
If Farokh is pumping on the timeline…
If it’s dumping like this…
I wouldn’t care if the POPE himself dropped the NFT.
I will stay very far away. pic.twitter.com/SiYiO5Cemn
— HashBastards NFTs (@HashBastardsNFT) March 9, 2023