What is PartyBid?
PartyBid lets people pool their capital together to purchase NFTs as a team. Anyone can create or join a Party to collectively bid in an NFT auction or purchase an NFT that’s on sale at a fixed price.
How do Parties work?
Here are the main things to know:
- Supported marketplaces: Parties can target NFTs that are available on Zora, Foundation, OpenSea, Nouns, and Catalog.
- Auctions: When targeting an auction, a Party can collect any amount of ETH. Once a Party reaches the reserve price for an auction, it can place the first bid and begin the auction. During a live auction, if a Party has enough ETH, it can take the lead by placing the minimum winning bid. Anyone who has contributed ETH to a Party can trigger the next bid, as long as the Party is not already in the lead.
- Purchases: When targeting an OpenSea listing at a fixed price, a Party accepts only the amount of ETH required to purchase the NFT at that price. As soon as the Party has enough ETH, it can buy the item instantly.
- Permissionless & Trustless: Anyone can start a Party and configure it to their preferences. Funds contributed to a Party and NFTs transferred to a Party are controlled by a smart contract and are not custodied with any single person.
- Winning: After a Party successfully acquires an NFT, all contributors whose ETH were used in the purchase are given ERC-20 tokens proportional to their contribution. These tokens represent fractional ownership of the NFT using Fractional’s contracts.
- For developers: 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.
- Fee: Only on successful purchases by Parties, PartyBid charges a fee of 2.5% of both the ETH used in the purchase and the resulting tokens.
Who made this?
PartyBid is developed by PartyDAO, a decentralized software organization. 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