PartyBid V2 unlocks community control of NFTs

Fractional owners can mint NFT derivatives, claim airdrops and participate in governance

After starting with a bang during last year’s NFT bull run, PartyDAO has launched the second iteration of its flagship PartyBid product.

The first version of PartyBid enabled group purchases of NFTs – the new one unlocks the utility of the co-owned assets so that their owners can use them to interact with any smart contract in the same way that an individual owner of an NFT can .

“It’s been so much fun testing this, the PartyBid team absolutely crushed it,” tweeted Aaron Penne, Director of Engineering at Art Blocks, the leading platform for generative art

PartyBid first launched in August 2021 and was immediately used to crowdfund the purchase of a $3.2M CryptoPunk.

PartyDAO, the “decentralized software organization”, as the outfit bills itself – lists derivatives of NFTs, asserts airdrops or casts a collective vote as new features in PartyBid V2.

Projects such as nouns use their NFTs to vote on proposals, often distributing some of the DAO’s $37.8 million treasury. However, nouns are expensive – the cheapest going for 38 ETH, or nearly $50,000 at December 14 prices – PartyBid V2 allows the co-owners of a noun, somewhat confusingly, to vote on such proposals.

As anyone who has followed the NFT space knows – it has been a tough year. Weekly trading volume has fallen to less than 5% of its all-time high, according to a Dune Analytics dashboard.

With projects like PartyDAO enabling co-ownership of NFTs, the raging debate around royalties and experiments around lending against the asset class, the foundations for a more mature NFT ecosystem may emerge.

PartyCards

PartyBid issues NFTs, called PartyCards, which represent co-ownership of a given NFT. As such, fractions of an NFT purchased with PartyBid can be traded in the form of PartyCards.

The project uses a distinct visual style that includes a feature that allows users to customize their markers.

16 million dollars increase

PartyDAO raised $16.4 million in June in a round led by a16z Crypto, with contributions from Dragonfly Capital, Uniswap Labs’ venture arm, and angel investors such as pseudonymous 4156, a co-creator of nouns.

PartyDAO started without any full-time employees, John Palmer, the app’s project manager, told The Defiant last year. The flexible working style was crucial to attracting top talent, he said.

“I think this style of work is going to be a big part of the future,” he said at the time. “I’m glad I’ve learned through experience how to bring a product to market this way.”

With the increase, PartyDAO appears to have moved on from its scrappy roots – the project looks set to fill five full-time positions.