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Jafrin Ahmed
Jun 10, 2022
by Jafrin Ahmed

PartyDAO, The DAO Behind NFT Bidding Platform PartyBid, Raises $16.4M Led by a16z

PartyDAO PartyBid
PartyDAO, the decentralized autonomous organization (DAO) behind the NFT bidding platform PartyBid, has raised $16.4 million in a funding round led by the well-known venture capital firm Andreessen Horowitz (a16z).

PartyDAO Secures $16.4M Funding

According to a statement posted Thursday, PartyDAO has secured $16.4 million in a funding round led by a16z. Other participants in the round include Standard Crypto, Compound Crypto, Dragonfly Capital, Uniswap Ventures, and Loot creator Dom Hofmann.

The NFT bidding platform for PartyDAO, PartyBid, allows users to buy NFT together as a group by sharing ownerships or pooling funds. The platform also provides clear goals and constraints to reduce the complexity of group coordination. Commenting on the development, PartyDAO developer John Palmer wrote in a blog post,

“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.”

Demand for NFT Fractional Ownership

The investment round for PartyDAO demonstrates that interest in NFT fractional ownership is still high. With this, the platform brings a fun social experience and at the same time brings a guaranteed and secured protocol. This type of shift is powerful as it opens up possibilities for people to join forces and assemble around a shared goal.

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PartyDAO, The DAO Behind NFT Bidding Platform PartyBid, Raises $16.4M Led by a16z
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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