PartyBid is a platform where groups of people can pool their capital to purchase NFTs together. Anyone can start a party with the goal of purchasing an NFT or winning an auction, and anyone can join by contributing some ETH.

If the party pools together enough ETH to make a purchase or win an auction, all of its members become collective owners. The NFT then gets fractionalized into ERC20 tokens, thanks to Fractional, and those tokens get distributed to the party members based upon their contributions. If the party later decides to sell the NFT, all of its members receive a cut of the profits proportional to their token holdings.

On the flip side, it is possible that your party may be unable raise enough funds to cross the auction reserve price or purchase the NFT outright. If this happens, you will usually be able to reclaim your ETH. However, this process is not automatic and requires the NFT to be delisted or purchased by someone else eventually. On the off chance that your party is unable to meet the NFT’s reserve price AND it is never delisted or purchased by anyone else, your contributed funds may become locked.

With that being said, PartyBid has eliminated layers of friction in the collector DAO creation process. Inspired by PleasrDAO’s purchase of x*y=k, PartyBid has made it super simple for people to coordinate and combine their funds to purchase NFTs, bid in auctions, and crowdfund projects.

Alright, enough pregaming. Let’s party!