PartyDAO is a decentralized software organization formed in May 2021 around the vision of building multiplayer crypto products. We believe group coordination is a core behavior of the Internet, and we reflect this focus in both our organizational design and the software we build. Today we’re excited to announce our $16.4M fundraise led by a16z crypto, accompanied by some of the best founders and investors in our space.
Our first product, PartyBid V1, is a protocol for buying an NFT together as a group. It’s a simple use case, but we love the product for a few reasons:
- It’s useful. PartyBid reduces the complexity of group coordination by presenting clear goals and constraints.
- It’s safe. PartyBid provides strong guarantees and doesn’t rely on trust assumptions in order to be used.
- It’s fun. Using PartyBid is an exciting social experience. There’s nothing else out there that feels quite like it.
- It unlocks new behavior. PartyBid combines original features that give people entirely new capabilities.
PartyBid V1 demonstrates a pattern that’s fundamental to our mission: it takes a single-player experience and transforms it into a multiplayer one. This type of shift is powerful - it opens up possibilities for people to join forces and assemble around a shared goal. As crypto rapidly grows, we believe building products around this idea is the most exciting work to tackle.
With this in mind, PartyBid V1 is just a starting point. NFTs are quickly evolving from static images to versatile digital objects that can do things. As we expand PartyBid, we aim to give groups of people the same level of speed and flexibility that can only be enjoyed by individuals today.
This space is still underexplored - the current landscape of group coordination tools presents severe tradeoffs between trustlessness, scalability, and flexibility. A more accessible era of group coordination requires new participation models that reduce overhead for users without limiting their agency. To make a serious leap forward, technical solutions surrounding governance systems, on-chain accounting, and secure code execution must be tied together into a cohesive protocol.
Despite this complexity, we believe a compelling solution can be built for mainstream consumers. In order to make it happen, we’re building an organization where protocol work and product work happen hand in hand. Importantly, we think a wide range of ideas from both inside and outside of the crypto industry are needed to build a product that’s creative and thrilling to use.
To date, PartyDAO has been funded entirely by our own members and on-chain revenue. This helped us focus, but limited us from going all out. Our new funding means that PartyDAO can now pursue our goals with the firepower they deserve. If you might be interested in the adventure ahead, we’d love to hear from you.
View open roles on the PartyDAO Contributors site.