Buying NFTs to support creators and join communities is already pretty awesome. But you know what’s even better? Buying NFTs with friends! That’s exactly what PartyBid was created for, and that’s exactly what we’re going to do in this guide.
Before you head to the party, let’s make sure you’re not forgetting anything. In order to join a party on PartyBid, you will need:
PartyBid is a platform where groups of people can pool their capital to purchase NFTs together. Anyone can start a party with the goal of purchasing an NFT or winning an auction, and anyone can join by contributing some ETH.
If the party pools together enough ETH to make a purchase or win an auction, all of its members become collective owners. The NFT then gets fractionalized into ERC20 tokens, thanks to Fractional, and those tokens get distributed to the party members based upon their contributions. If the party later decides to sell the NFT, all of its members receive a cut of the profits proportional to their token holdings.
On the flip side, it is possible that your party may be unable raise enough funds to cross the auction reserve price or purchase the NFT outright. If this happens, you will usually be able to reclaim your ETH. However, this process is not automatic and requires the NFT to be delisted or purchased by someone else eventually. On the off chance that your party is unable to meet the NFT’s reserve price AND it is never delisted or purchased by anyone else, your contributed funds may become locked.
With that being said, PartyBid has eliminated layers of friction in the collector DAO creation process. Inspired by PleasrDAO’s purchase of x*y=k, PartyBid has made it super simple for people to coordinate and combine their funds to purchase NFTs, bid in auctions, and crowdfund projects.
Alright, enough pregaming. Let’s party!
First, head to partybid.app and connect your wallet with the button in the top-right corner.
Once your wallet is connected, click Join a Party.
You can scroll through the active party listings, perform a search, or filter parties by platform. If a party is currently active, it will say Party Live at the bottom of the listing preview. RabbitHole may even be starting some parties of our own, so keep your eyes peeled!
Once you’ve found a party to join, just click it and you will be brought to its party page. Here, you will see the NFT preview, a link to the full version, its price, the current bidding pool, the party host who initiated the purchase, and a list of party members who have already contributed some ETH. This page also contains the ticker symbol that will be used for the NFT’s fractionalized ERC20 tokens if the party successfully makes a purchase.
Next, click Add Funds to contribute ETH to the party. Enter the amount of ETH you’d like to contribute, check the I Understand box after reading the disclaimer, and then click Add ETH.
This is an on-chain transaction, so there will be a small gas fee associated with it.
Finally, confirm the transaction in your wallet to pay the gas fee and contribute your ETH to the party!
You have officially joined a party on PartyBid and will be a partial owner of the NFT if your party is successful in purchasing it! Depending on the price of the NFT, you may have to wait for more party-goers to show up and contribute ETH. If your party successfully purchases the NFT, you will automatically be sent your cut of the ERC20 tokens and can claim them from the My Parties page.