Traders are flocking to buy the ‘Quality Drop 01’ by Metalabel, which includes a digital version of a 2018 whitepaper co-authored by Buterin.
The creator of Ethereum, Vitalik Buterin, is once again making the headlines. However, for the first time, he’s endorsing an NFT collection by Metalabel x Gitcoin Presents.
The collection is a tribute to Quadratic Funding, and includes a 2018 whitepaper co-authored by Buterin. During the initial sale period, 9221 NFTs sold out, capturing $781,274 in total revenue.
Now, the collection is catching fire on the secondary market, with the floor price rising to 0.448 ETH ($688). Seemingly, traders are clamoring for a copy of the Buterin-inspired collectible. At the time of writing, the collection has seen over $10 Million in trading volume.
Moreover, the whitepaper discusses the theory of Quadratic Funding – a radical idea that proposes a mathematical solution for directing funds towards projects. In essence, Quadratic Funding gives a foundation for directing resources in a way that benefits the many – as opposed to the few. Buterin is not big on corporate monopolies, and believes in the decentralized metaverse.
Copies of the digital collectible include the signatures of the three authors Buterin, Weyl and Hitzig.
The quality drop
The Quadratic Funding Collection is a collaboration between Metalabel and Gitcoin Presents. Furthermore, Metalabel is releasing a series of Quality Drops, which are digital collectible ‘Records’.
Each Record will consist of physical and digital creations like art, essays and even music.
Metalabel provides a platform for creators to release work, while collaborating and supporting one another. Furthermore, Metalabel envisions a world where we don’t compete for likes, followers and attention. Instead, creators work together to pool their skills, audiences and resources.
Thus, a Metalabel is a group of creators with a shared identity, releasing NFT drops that represent their collaboration.
Metalabel co-founder Yancey Strickler told Decrypt: “We’re blown away by the response to Quality Drop 01 and what it means for the future of creative collaboration.”
“Helping to generate more than $700,000 in funding for public goods and a newfound appreciation for great creative work using the record format says this is an exciting new way for creators to release and fund their work.”