In a funding round led by Andreessen Horowitz, PartyDAO, the decentralized organization behind the NFT bidding platform PartyBid, has raised $16.4 million (a16z).
Standard Crypto, Compound Crypto, Dragonfly Capital, Uniswap Ventures (after having invested in PD in April of this year) and Loot founder Dom Hofmann are among the other participants in the round, according to a Thursday release.
PD’s core application, PartyBid, allows numerous users to pool cash and share ownership of digital assets in order to buy and possess parts of them.
The investment round for PartyDAO demonstrates that interest in NFT fractional ownership is still high
Despite the fact that the NFT market has lost most of its value as a result of the larger crypto market decline, many of the most popular NFT projects remain out of reach for the average retail customer.
“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,” wrote PartyDAO developer John Palmer in a blog post. “Our new funding means that PartyDAO can now pursue our goals with the firepower they deserve.”
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