PartyDAO Raises $16.4 Million Funding
PartyDAO, a decentralized software organization with the vision of building multiplayer crypto products, announced on Thursday that it had completed a $16.4 million fundraising campaign led by a16z crypto. Other participants in the round included Standard Crypto, Compound Crypto, Dragonfly Capital, Uniswap Ventures and Loot creator, Dom Hofmann.
PartyDAO’s first product, PartyBid V1, is a protocol for buying an NFT together as a group. The company’s platform reduces the complexity of group coordination by presenting clear goals and constraints, provides stronger guarantees, and combines original features that give people entirely new capabilities.
PartyBid V1 demonstrates a pattern: it takes a single-player experience and transforms it into a multiplayer one. This type of expansion opens up possibilities for people to join forces and assemble around a shared goal.
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NFTs are quickly evolving from static images to versatile digital objects that can do things. PartyDAO aims to give groups of people the same level of speed and flexibility that can only be enjoyed by individuals today. This space is still underexplored and a more accessible era of group coordination requires new participation models that reduce overhead for users without limiting their agency. Technical solutions surrounding governance systems, on-chain accounting, and secure code execution must be tied together into a cohesive protocol, PartyDAO said.