Virtual parties can actually feel pretty special if you set them up right - the "awkward and boring" thing isn't inevitable, it's just what happens when people wing it. The real trap nobody mentions is time zone math. You might think "oh everyone can make 8pm their time" but that doesn't work - someone's always getting 6am or midnight. You need to actually pick one specific time and be real with everyone about who's taking the hit. Some folks will be tired, some will be early morning, and that's okay as long as nobody's pretending it's equally convenient for everyone.
What makes these things work is leaning into the distance instead of fighting it. Skip the "let's all just chat" vibe and do something that gives people a reason to stay engaged: watch something together (a movie, a live music stream, a competitive cooking thing), do a trivia night with prizes, play an online game that's actually fun to watch other people play, or even just have everyone cook the same recipe during the call. The activity keeps things moving and gives you built-in conversation hooks. Also, shorter is better - 90 minutes beats three hours every time. People will actually remember it fondly if they left feeling like they wanted more rather than watching the clock.