DEFI

PartyBid evolved 🥳 – by William M. Peaster

Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles

Dear Bankless Nation,

An NFT experience I always wanted to try firsthand? Minting a Blitnaut from a Blitmap!

There are only ~230 “unattuned” Blitmap NFTs left with this minting capability, so these pieces fetch a big premium that have previously priced me out individually

But what if there was a straightforward way to collectively buy an unattuned Blitmap and then coordinate to create a new Blitnaut and beyond? That’d be awesome and would make the experience more accessible for more people, and the good news is now there is such a way.

Advanced coordination for NFTs has never been possible in streamlined, on-chain fashion, but it is now courtesy of the new and improved PartyBid app, which the PartyDAO team just unveiled. 

For today’s post, let’s get you up to speed on the basic ins and outs of this optimized multiplayer crypto app!

-WMP

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The new PartyBid homepage

The PartyDAO team introduced the latest version of PartyBid, an on-chain multiplayer suite for NFTs. The new app is designed to streamline group experiences around projects across the NFT ecosystem and for groups of any size. 

When I covered PartyBid one year ago, the app was already impressive but mainly centered on the collective NFT buying process. In contrast, the new PartyBid app advances and streamlines group coordination around buying NFTs, using NFTs (e.g. minting a Blitnaut from a Blitmap), and selling NFTs. Powering the app is PartyDAO’s new on-chain coordination infrastructure, the Party Protocol

  • 🛒 Buying NFTs with PartyBid allows groups to create public or private “Parties” where people can trustlessly crowdfund ETH to bid on NFT auctions or buy fixed-price pieces. The app immediately supports purchases via Foundation, OpenSea, and Zora, but it can be integrated with any NFT marketplace going forward. 

  • 📱 Using NFTs with PartyBid allows groups to coordinate on any on-chain actions they want. People can delegate their votes or vote directly on proposals, e.g. whether to claim an ERC20 airdrop, mint a derivative NFT, or call a function in an external smart contract. 

  • 💰 Selling NFTs with PartyBid allows groups to enjoy flexibility with how they list their NFTs. Out of the gate, participants can vote to do fixed-price listings on OpenSea, auctions on Zora, ERC20 fractionalization via Fractional.art, and more options later. 

Parties that are created on PartyBid maintain on-chain membership via Party Cards. Firstly, these cards are dynamic NFTs that highlight key stats, like the Party in question and ETH contributions, with SVG images rendered on-chain. They also offer voting power on a Party’s proposals and the ability to claim raised ETH or ERC20 tokens on a pro-rata basis. Notably, these Party Cards can be openly transferred and traded on NFT marketplaces.

The “PartyBlit” crowdfund

The first batch of Parties on the new and improved PartyBid app are already in full swing and viewable on the PartyBid homepage. At the time of this post’s writing, there was already a mix of Parties with live crowdfunds and Parties in the proposals stage. For example, one Party was seeking to purchase a Terraform by Mathcastles in order to collectively draw the dynamic NFT’s display. 

“Ethereum has continued to evolve and introduce new use cases for NFTs. PartyBid aims to act as a multiplier on those use cases by making them available to groups of people, creating new ways to coordinate with more agency and less overhead.” — PartyDAO, The All New PartyBid

The new PartyBid app makes unique NFT experiences, e.g. the Blitnaut minting flow, more affordable and thus more accessible to more people. The easy-to-use system is now an incredibly straightforward way to squad up on-chain, so with much of the basic frictions around collective NFT ownership now tackled, look for lots more “grouping up” in the NFT space going forward.

William M. Peaster is a professional writer and creator of Metaversal—a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He’s also recently been contributing content to Bankless, JPG, and beyond!

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.




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