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PartyBid protocol brings an efficient system of group buying of NFTs by providing essential tools and softwares.
PartyDAO, the decentralized autonomous organization behind the NFT bidding platform PartyBid, secured $16.4 million in funding on Thursday, June 9. The funding round was led by VC giant Andreessen Horowitz (a16z).
Some of the other players who participated in the funding include Compound Crypto, Standard Crypto, Uniswap Ventures, Dragonfly Capital, and Loot creator Dom Hofmann. Formed last year in May 2021, PartyDAO focuses on building multiplayer crypto products.
The PartyBid NFT bidding platform from PartyDAO allows users to buy NFT together as a group. It allows multiple people to buy and own fractions of digital assets by sharing ownerships or pooling funds. Furthermore, PartyBid also provides clear goals and constraints to reduce the complexity of group coordination. In a blog post on Thursday, PartyDAO developer John Palme further explained:
“PartyBid V1 demonstrates a pattern that’s fundamental to our mission: it takes a single-player experience and transforms it into a multiplayer one. This type of shift is powerful – it opens up possibilities for people to join forces and assemble around a shared goal. As crypto rapidly grows, we believe building products around this idea is the most exciting work to tackle.”
PartyDAO Tapping Into an NFT Market
The nature of NFTs is changing from static images to versatile digital objects. PartyBid says that in the current market, group tools aren’t efficient enough and come with several tradeoffs such as flexibility, scalability, and trustlessness.
PartyBid aims to build a new accessible era of group coordination with participation models reducing the overhead for users. Thus, it seeks to provide a cohesive protocol that brings along the technical solutions surrounding governance systems, on-chain accounting, and secure code execution. Palme said:
Despite this complexity, we believe a compelling solution can be built for mainstream consumers. In order to make it happen, we’re building an organization where protocol work and product work happen hand in hand. Importantly, we think a wide range of ideas from both inside and outside of the crypto industry are needed to build a product that’s creative and thrilling to use.
So far, PartyDAO has received all funding either on-chain or through its own members. The new funding will help PartyDAO to pursue future goals faster.