Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & more!

Dear Bankless Nation,

No matter the size of your squad, PartyDAO’s new and improved coordination stack makes teaming up for quests on Ethereum slicker than ever.

Today, let’s get you up to speed on Party, Membership Mints, and the new On[-]Chain Art Battle!

-WMP

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What’s New at Party 🎊

A Party refresher

In November 2022, the PartyDAO collective introduced the Party Protocol, a protocol for group coordination — a.k.a. multiplayer crypto — on Ethereum. 

One month later the group unveiled a new PartyBid frontend to make using the new Party Protocol easy.

Fast forward to this month, June 2023, and PartyDAO just rebranded PartyBid to Party and doubled down on expanding the app’s scope. Beyond its origins in facilitating NFT collector groups, Party now lets its Parties undertake any actions they want together on Ethereum, from using DeFi to playing NFT games and anything in between. 

The big idea? If a contract interaction is possible, then your squad — whether small and filled with friends or large and filled with anons — can vote on it via the new-look party.app platform. 

This sort of freedom paves the way to all sorts of interesting possibilities. For example, a group of people (myself included) just used Party to team up and start sweeping the floor of Based Ghouls, with the ultimate goal being to collectively provide and earn from these NFTs as liquidity on sudoswap. It’s an early experiment, and a taste of what’s to come.

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 How Party works

At the heart of Party is a crowdfunding smart contract system that allows groups to pool their ETH to do things like buy NFTs via “Buy Now” purchases, collection floor offers, etc. 

If the group fails to raise enough ETH for their bid, the participants are refunded. If the group succeeds, the participants receive voting power proportional to the ETH they provided.

Party Cards, which are dynamic and tradable NFTs, serve as the coordination system that tracks voting power and memberships here. These membership NFTs allow group members to vote on activity proposals, claim ETH or ERC20 token distributions, and more, all in decentralized and democratic fashion. 

To learn more about the specifics of Party’s crowdfunding and governance elements, be sure to check out the Party Knowledge Base as it covers all these things in detail! 

Membership Mints introduced

Previously, to join a group on Party you had to submit ETH to a pool. If the bid was successful, you’d then receive your membership by activating your Party Card.

Yet there’s a new way to group up as of this week, as PartyDAO just rolled out Membership Mints, which, like the name suggests, lets people run customizable mints for Party Cards. Set a mint price, plus a max supply or time limit, and then people can jump in as they please, with each mint counting for one vote in the ensuing Party. 

The On[-]chain Art Battle

To show the new Party app and Membership Mints system in action, PartyDAO just launched a fun competition: The On[-]Chain Art Battle. 

One of the biggest debates in crypto right now is whether “onchain” or “on-chain” is the way to go spelling-wise. Time to settle the matter once and for all, Party style. The terms of the competition are as follows:

• Through Membership Mints each Party has 100 slots priced at 0.03 ETH each (Note: these are now minted out)

• To start the battle, both Parties send the 3 ETH they respectively raised into a prize pool of 6 ETH

• The teams then must use a token-gated Discord to coordinate on creating an artwork, which will be dropped as an open edition mint that runs for 72 hours on Zora at 0.01 ETH a pop and all proceeds going to the prize pool

• The team with the most mints after the drop closes wins! 20% of the prize pool will go to a charitable organization, but the rest of the ETH will be distributed pro-rata among the winners

Zooming out

It’ll be interesting to see how this Art Battle competition plays out over the coming days. It’s a really fun demo of what’s possible through the new and improved Party, and it’s also paving the way for future coordination experiments on Ethereum. 

From running a small art collective to running a huge NFT gaming guild, your options here are wide open, and I encourage you to start thinking about all the possibilities at hand. Also, if you’d like to test things out for yourself I picked up a few Party Cards to the On[-]Chain Art Battle. Comment below with your ENS name/Ethereum address within 24 hours of this post’s publication, and after that I’ll pick a random person to send a Party Card to so the winner can join in on the competition!

Action steps

• Check out the new Party: visit party.app 🥳

• Catch up on my previous write-up: Navigating big NFT drops 🏄

Author bio

William M. Peaster is the creator of Metaversal — a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He also serves as a senior writer for the main Bankless newsletter.

A Bankless Citizen ⚑ turned $264 into $6,077 last year. A 22x ROI 🚀 in a bear market!

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.