The Gitcoin Presents non-fungible token (NFT) collection is rising in value after its open edition mint closed Wednesday, capturing the top spot across prominent exchanges. The collection is rapidly gaining in popularity and value because of the affiliation of Ethereum co-founder Vitalik Buterin with the project. However, his direct involvement in the NFT drop has not been proven.
In a single week, collectors minted 9,221 tokens at a floor rate of 0.5 ETH, or around $770. The collection has already saturated the secondary market. According to OpenSea data, the collection’s trade volume at the time of writing was 7,763 ETH, or approximately $12 million.
The blockchain funding firm Gitcoin and NFT platform Metalabel collaborated to create a commemorative mint that highlights a 2018 paper on Quadratic Funding. The paper was authored by Ethereum co-founder Vitalik Buterin, economist Zoë Hitzig from Harvard University, and social activist Glen Weyl.
Buying the NFT grants collectors a digital copy of the paper as well as two essays from Gitcoin’s authors remarking on the success of the fundraising method. Twelve tokens in the collection were “Signature Edition” recordings held for collectors to mint at 10 ETH, or more than $15,000, and earned purchasers a copy of the original white paper signed by the three co-authors.
Twitter and NFT collectors have been talking about the initiative. In contrast, some users have raised doubts about what some dubbed the “Vitalik NFT drop” and others have questioned whether it is an “official” drop from Buterin.
Profits from the collection will be split between Gitcoin, Metalabel, and the technological research business Plurality Institute in order to continue funding public goods.
According to the collection website, quadratic funding has directed over $70 million towards public goods and open-source projects through Gitcoin and other organizations since its introduction.