What is PartyBid?
PartyBid is for collective bidding on NFTs. Anyone can create or join a PartyBid, trustlessly pool funds with friends, place bids on auctions and have fun. DAO’s are an emerging model for combining capital and coordinating action. PartyBid will lower the barrier to this kind of coordination.
How does PartyBid work?
Here are the main characteristics of using PartyBid:
- Auctions: Each PartyBid created can target a single NFT auction. PartyBid currently supports Foundation and Zora auctions but is extensible to any auction. PartyBid’s MarketWrapper contracts provide a common interface to integrate with different NFT auction implementations. The MarketWrapper contracts can be found on PartyDAO’s Github.
- Permissionless & Trustless: Anyone can start a PartyBid and anyone can join an existing PartyBid. There are no private parties. Funds contributed to a PartyBid and NFTs transferred to a PartyBid are controlled by a smart contract and are not custodied with any single person.
- Contributing Funds: Only ETH is supported. Anyone can contribute ETH to the PartyBid while the auction is still live. Any funds not used in the auction can be retrieved.
- Bidding: Anyone who has contributed to the PartyBid can trigger a bid on the targeted NFT auction.
- Winning: After the auction closes and if the PartyBid won the NFT, all contributors whose funds were used to win the auction are rewarded with ERC-20 tokens. These tokens represent fractional ownership of the NFT using Fractional’s contracts.
- Fee: Only upon successfully winning an auction, PartyBid charges a 5% service fee. This fee is transferred to the PartyDAO multisig to fund future development.
Who made this?
PartyBid is the first product developed by PartyDAO, a decentralized autonomous organization that builds and ships crypto products. PartyDAO was initially created for the purpose of shipping PartyBid V1.
How do I stay updated?
PartyDAO can be found on:
Who is Kazoo?
Kazoo is PartyDAO’s mascot.Click to download