Anyone can start a party by simply clicking “Start a Party” and pasting the link to the NFT. See supported marketplaces here.
Anyone can join a party by contributing any amount of ETH. PartyBid automatically tracks all contributions.
Once the party has enough ETH, it can place bids in auctions or make buy now purchases.
The NFT is automatically fractionalized. Users claim fractional tokens proportional to the amount of ETH they contributed to the winning purchase.
Fractions allow users to vote on the NFT’s new reserve price.
Parties are first come first serve and only users whose ETH was used to purchase the NFT can claim fractional tokens. Any remaining ETH is simply claimed back.
Here’s an example: a user contributes 10 ETH to a party that already has 50 ETH. The NFT is ultimately purchased for 55 ETH. The user will claim 5 ETH worth of fractional tokens and claim back their remaining unused 5 ETH.
All unused ETH can be claimed back by connecting your wallet and clicking “Claim ETH”.
Note that when claiming ETH, wallets will show “0 ETH” in the transaction. This is good! Since no ETH was sent to the PartyBid smart contract. You can see the amount of ETH claimed if you look at the transaction on Etherscan in the “To:” section next to “TRANSFER”.