PartyDAO Raises $16.4 Million to Develop Social NFT Buying Protocol
PartyDAO, a Web3 company founded in 2021 and building an array of multiplayer crypto products, has raised $16.4 million in a recent funding round. The round was led by the ever-active venture capital firm a16z, with other contributions coming from the likes of UniSwap Ventures, Dragonfly Capital, and many more.
As per the company’s announcement of the round, the new injection of funds will primarily be used to develop its first product, PartyBid V1, which is a new protocol for buying NFTs with groups of people.
The protocol will provide users with the opportunity to transform single player experiences into ones of multiplayer dynamics, where collectively, communities of collectors can enjoy the rapid expansion of crypto and NFT utility together.
Embedded with forward-thinking technical solutions which surround governance systems, on-chain accounting, and secure code execution, the cohesive PartyBid V1 protocol will serve as a safe, experimental, and social place where the complexity of group coordination is reduced by presenting clear goals and constraints, where in addition, overheads for users will be reduced without limiting their agency.
Up until the funding round, developments of the protocol have been solely funded by PartyDAO members and its on-chain revenue, which has essentially meant that the project was limited in achieving its broader goals. Intuitively, now that outside investors have realised the value which the project possesses, it is on a greater trajectory with regards to developing and launching a range of innovative multiplayer crypto products.
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