Just two days after the initial drop closed, an NFT collection associated with Vitalik Buterin, the creator of Ethereum, has generated millions in trading volume. The collection, called the “Quadratic Funding Collection,” pays tribute to the quadratic funding concept, a funding model for Web3 endorsed by Buterin. The model allocates project funding based on the number of contributors, prioritizing it mathematically. This ensures that a handful of large contributors cannot determine how matching funds are distributed based on the amount they have donated.

The open-edition mint of the collection began in early March 2023, with 9,209 pieces minted in the first drop, priced at 0.05 ETH. Additionally, there were 12 “signature” NFTs sold through a Dutch auction format. Metalabel, the project’s team, raised over $781,000 through the collection, which will be used to fund various Web3 projects.

Each NFT in the “Quadratic Funding Collection,” also known as a “record,” looks like an album cover and includes a digital version of the 2018 whitepaper “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds.” The whitepaper is signed by Buterin and his co-authors, Glen Weyl and Zoë Hitzig. The 12 “signature” NFTs contain a signed physical copy of the whitepaper. The collection is the first “Quality Drop” by Metalabel, a project that enables creators to monetize their work using NFTs and DAOs.

A representative from Metalabel verified that Buterin had agreed to reissue the whitepaper he co-authored as part of the NFT drop and signed the 12 physical copies that are part of the “signature” NFTs.

The drop sale was not very high-profile until the mint date closed on March 8th, but secondary sales have now generated millions. The collection has accumulated 9,470 ETH ($13,305,350) in trading volume, with the floor price increasing to 0.58 ETH ($815) at press time.