PartyDAO, the decentralized organization behind the NFT bidding platform PartyBid, has raised $16.4 million in a funding round led by Andreessen Horowitz (a16z).
Other participants in the round include Standard Crypto, Compound Crypto, Dragonfly Capital, Uniswap Ventures (after having invested in PartyDAO in April of this year) and Loot creator Dom Hofmann, according to a Thursday statement.
PartyDAO’s main application, PartyBid, allows multiple people to buy and own or fractions of digital assets by pooling funds and sharing ownership.
PartyDAO’s funding round suggests that interest in NFT fractional ownership remains strong despite the broader crypto market downturn. While the NFT market has largely lost value due to the broader crypto market downturn, many of the most popular NFT projects remain prohibitively expensive for the average retail buyer.
“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.”