A few days after PartyDAO's formation, we stated our two primary mandates:
- Ship PartyBid, a product for collective bidding on NFTs
- Build PartyDAO itself into a long-lasting organization that can fund its own continued existence
Over the past few months, our members built and shipped PartyBid V1 to resounding success. In its first 48 hours live, PartyBid processed over 1200 ETH in volume and earned over 60 ETH, with Parties pulling in victories on several high-profile auctions. Since launch, over 2600 ETH have been contributed to Parties.
As we continue to build and improve PartyBid, we're expanding our focus to ensure that we deliver on our second mandate: growing PartyDAO into a successful long-term organization. Doing so requires a clear long-term vision for what we aim to achieve, and as a DAO that builds software, we think it's most important to articulate our vision for the software we intend to build.
In the weeks since PartyBid launched, we've faced many questions about whether or not all the excitement for PartyBid is just a flash in the pan. Crypto moves in strong boom and bust cycles, and when seen as a toy for throwing money at JPEGs surrounded by emoji-flavored cursors, it might seem like PartyBid is just part of the hype.
We don't think that's the case. The crypto industry has long heralded the age of the sovereign individual, free from mandatory participation in social institutions. But even in the absence of mandatory social ties, everything from early hunter-gatherer tribes to more recent examples like the GME stock rally show that people naturally want to coordinate together around shared goals.
As crypto transitions into a time when all kinds of new and useful applications exist across the ecosystem, it is a natural next step for people to join forces and participate in this ecosystem together. PartyBid is an early torchbearer for technology that enables this coordination: multiplayer crypto products.
As we look toward the future, enabling this kind of group coordination is what PartyDAO is all about. PartyDAO builds multiplayer products for crypto.
In the near-term, it's clear that there is tons of work to do in order to build PartyBid into the best possible protocol for establishing collective ownership. In the immediate days following our launch, communities rallied to form PartyBids for a variety of different causes. The Party of the Living Dead bought a rare Zombie punk and established a virtual group identity. Sirsu's CRYPTO COOKOUT brought people together to win auctions for black and brown CryptoPunks. PartyPAC collected funds to donate to CoinCenter in the fight against legislation threatening the crypto industry. More recently, Nouns announced recurring Parties to bring people together on a regular cadence.
All of these examples represent strong use-cases for PartyBid and the wide range of goals around which the product can help people direct their combined energy. Our own members are now well underway developing improvements that will help take PartyBid to the next level.
Looking even further ahead, we believe more and more crypto applications are waiting to become multiplayer versions of themselves. As we continue to grow, PartyDAO aims to play a key role in this transition.
With this vision intact, we are planning the long-term future of PartyDAO. Equally as important as the software we build is our organization, and in coming weeks, we hope to set PartyDAO up for its next major phase of growth and building.
Stay tuned for more updates, and let's keep the party going.
— The PartyDAO Team