Ggitcoin leads all NFT collections with official participation

Ggitcoin leads all NFT collections with official participation

Major NFT collector corners reach more than a quarter of supply.

Last week, a NFT collection with official participation from Vitalik Buterin dropped, part of the public launch of a new platform called Metalabel.

With a trading volume of 3,548 ETH, Gitcoin presents now leads all NFT collections with 3,748 ETH in trading volume in the past 24 hours, according to Nansen.

A special, limited edition of 12 NFTs that promise signed physical editions has surged to a floor price of 58 ETH, more than $82,000 as of Mar. 9. Despite the imminent rise of a significant amount of ETH from the value of 3 euro, the value of ETH increased nearly 20x.

The first metalabel release, a seminal paper in 2018 that introduced the idea of quadratic funding, was written by Ethereum co-founder Vitalik Buterin and economists Zoe Hitzig and E. Glen Weyl.

Gitcoin Presents, a startup, launched on Metalabel on Mar. A'record,' the collection was called an open edition. Besides the exclusive 12 NFTs, this meant that an unlimited amount of the token was mintable during a set window of time. Minting is now closed, with 9,209 of the Open Edition NFTs being minted at 0.05 ETH per token.

After rocketing below 0.6 ETH on Mar. The floor price of the collection has risen to 0.4 ETH, generating a 700% return for the minters.

The price of ETH rose to $1,440, a steep drop from the Open Edition drop.

Of that money, 70% went to the Gitcoin Grants Matching Pool, which is used to pay out grants through the Gitcoin platform, 20% went to the Plurality Institute, an organization working in the human coordination field, and 10% went to the Metalabel platform.

The drop was a resoning success and a reminder of what he valued in the Ethereum community, said Scott Moore, the co-founder of Gitcoin.

Gitcoin, the organization behind the drop, has been instrumental in pioneering the concept of public goods, which in the context of crypto means a product or service that provides value to the world, but is not truly owned by anyone.

For more than $19 million in distributed funds, Gitcoin's quadratic funding structure has been responsible for more than $19 million in distributed funds, according to WTF. Quadratic funding enables capital to be allocated by squarely weighting votes, allowing smallerholders to carry more weight.

However, there are some other aspects of the NFT collection's launch that may be less than ideal.

Machi Big Brother, a major NFT trader, has now bought up a huge portion of Gitcoin Presents' supply - as of Mar. 9, he owns 2,389 of the NFTs, more than 25 percent of the total supply, according to Nansen.

Moore doesn't feel enthused by the trader's significant stake in the project, and isn't hyper-concerned either. ll always have some whales buying up supply and while I think that kind of activity is wrong, at least in this case, it supports the public good, he said.

The percentage of the project which Machi Big Brother owns is bound to change, according to Etherscan, a blockchain data source, as the trader is rapidly buying and selling the NFTs. The trader has been actively farming the BLUR airdrop, which could explain his unpredictability for losses incurred.

Regardless, the Gitcoin Presents drop has certainly played a crucial role in Metalabel's growth. The eight co-founders of Metalabel include Kickstarter's co-founder Yancey Strickler, as well as Etsy founder Yancey Strickler.