PartyBid, is an application that works as a marketplace to buy, sell, and use NFTs in groups. Currently, they have relaunched their website together with the PartyDAO team and we at NFTexpress are going to explain what the new multiplayer platform is all about.
While advanced coordination for NFTs has never before been possible in a simple, daisy-chained manner, with the new and improved application from PartyBid application, it is now possible. Today we are going to present what this new tool is all about from the PartyDAO team.
PartyDAO presented the latest version of PartyBid, a multiplayer blockchain website for NFTs. This new application is designed with the goal of optimizing group experiences around any project in the entire NFT ecosystem and for communities of any size.
Previously, PartyBid focused primarily on the collective process of purchasing non-fungible tokens. Now, the new application advances and streamlines group coordination around the purchase of NFTs, use of NFTs (such as minting different collectible assets) and the sale of NFTs.
The application is powered by PartyDAO’s new blockchain coordination infrastructure and its underlying technology, Party Protocol.
How Party Protocol works
First, Party Protocol it has trustless crowdfunding smart contracts, which allows groups to pool their ETH to buy NFTs according to different strategies (auctions, purchases, “buy now”, floor price offers, and more). If groups fail to raise enough ETH for their crowdfunding, it is returned to the participants. If successful, participants get voting power based on the ETH they provided.
Secondly, Party Protocol it functions as a coordination system. This starts with memberships, which are tracked by dynamic, tradable NFTs. These non-fungible membership tokens allow group members to vote on different proposals, claim cryptoassets (ETH or ERC – 20), etc.
Also, there are the proposal engines used to see what actions to perform. For example: call specific smart contract functions of NFTs.
Finally there is the Party Protocol distribution system, which allows any user within a group to initiate a distribution of an accumulated cryptoasset so that any member can claim their tokens in proportion to their contributions.
New features created in PartyBid
After understanding the Party Protocol that works with PartyDAO, we review the new features that the PartyBid application will now allow for groups/communities that want to interact in different ways with NFTs.
Buying NFTs with PartyBid allows groups to create a kind of “Party”, which can be public or private where people can fund ETH without trust (by smart contracts) and bid in NFT auctions or buy digital collections at fixed prices. In addition, the application works to buy through different secondary markets such as. Foundation, OpenSea y Zorabut in the future it can be integrated to any NFT marketplace.
Using NFT with PartyBid allows groups to coordinate and perform any chain action they wish. Individuals can delegate their votes or directly vote on proposals, such as claiming an ERC-20 airdrop, coining a derived NFT or calling a function on an external smart contract.
Selling NFTs with PartyBid allows groups to enjoy flexibility with how their NFTs are offered for sale. From the outset, participants can vote to do different fixed-price listings on OpenSea, an auction on Zora, or fractionalization on ERC – 20 through Fractional.art. In the future, there will be more options.
The Party Cards are created in PartyBid and maintain the blockchain membership mentioned above. These cards are dynamic NFTs that highlight key statistics, such as ETH contributions.
Also, they provide the power to vote on proposals and the opportunity to claim cryptoassets (ETH or ERC – 20) raised on a split basis.
Finally, another feature of these Party Cards that merges 3 utilities in one place is that they can be openly transferred and traded between users in different secondary markets of NFTs.
The PartyDAO teamteam, spoke out about this new application on PartyBid and firstly, they said that Ethereum managed to evolve and introduce new use cases for non-fungible tokens such as this new feature. Furthermore, they added that the goal of PartyBid is to function as a multiplier on these use cases by having individuals and groups of people create new ways to coordinate with more effectiveness and less expense overall.
This new PartyBid application will make experiences unique to the NFT ecosystem. For example, it will make the minting flow more affordable and consequently more accessible to users.
In addition, they have created a system that at first glance seems easy to use, and brings together different technologies and developments to make it easier to use.
Finally, many solutions around collective ownership of non-fungible tokens were addressed, so I think we will see more and more solutions like these in the NFT ecosystem in the future.
All investment or financial opinions on behalf of NFTexpress should not be taken as recommendations. This article is informational/educational material. Before making any type of investment do your own research.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.