The value of the Gitcoin Presents collection of non-fungible tokens (NFTs) has risen since the completion of its open edition minting on Wednesday, securing the top spot on significant markets. The collection is gaining fame and value due to the project’s association with Ethereum co-founder Vitalik Buterin, even though his real involvement in the NFT decline has not been proven.
In one week, collectors generated 9,221 tokens at a minimum price of 0.5 ETH, or approximately $770. The collection has already performed admirably on the secondary market. According to OpenSea’s data, the collection’s transaction volume at the time of writing was 7,763 ETH, or almost $12 million.
The mint was created by blockchain finance company Gitcoin and NFT platform Metalabel to honor Buterin, Harvard University economist Zo Hitzig, and economist and social scientist Glen Weyl for their 2018 work on Quadratic Financing, a public fundraising approach.
Collectors who purchase the NFT receive a digital copy of the paper as well as two essays from the Gitcoin creators on the efficacy of the fundraising strategy.
Twelve of the tokens in the collection were “Signature Edition” recordings designed for collectors to mint for 10 ETH, or more than $15,000, and customers got a signed copy of the original white paper.
Twitter and NFT collectors are buzzing over the project, with some users expressing skepticism over what has been nicknamed the “Vitalik NFT drop” and others questioning whether it is a “official” drop from Buterin.
Proceeds from the collection will be distributed to Gitcoin, Metalabel, and the technology research firm Plurality Institute to continue funding public goods.
More than $70 million has been directed to public goods and open source projects via quadratic funding by Gitcoin and other entities, according to the collection’s website.
Content Source: coindesk.com
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