eToro enters NFT space head-on with eToro.art and a $20m fund for artists
“As a company with one eye constantly on ‘what’s next’, eToro sees huge potential in the metaverse and a range of new digital assets.”
eToro is entering the world of NFTs with the launch of eToro.art, a new patron program to support NFT creators, agencies, and brands, by using a $20 million dollar fund to purchase blue chip NFTs, as well as seed emerging creators and NFT projects.
eToro will support seed emerging creators and NFT projects to bring new NFTs to market in a move that aims to address the wishes of its community of over 27 million registered users.
The launch of the NFT platform is a testament to eToro’s moves since early stage. The trading platform was always open to innovation and following the trends, whether social trading or Bitcoin.
NFTs are, unsurprisingly, finding much greater resistance within the trading industry than Bitcoin et al., but eToro is still willing to risk it because there is demand among its community of users.
Yoni Assia, Co-Founder and CEO at eToro, commented: “As a company with one eye constantly on ‘what’s next’, eToro sees huge potential in the metaverse and a range of new digital assets. eToro has a community of over 27 million registered users who want insight on and access to new and emerging technologies. As one of the first companies to offer crypto alongside more traditional assets, it is only natural for eToro to serve as the bridge to bring new users into NFTs and the metaverse. We’re incredibly excited to see the developments in this space over the coming months.”
The first stage of the eToro.art program is the reveal of eToro’s NFT collection, which includes blue chip projects such as Bored Ape Yacht Club, CryptoPunks, World of Women, and projects of emerging artists. Once its full funds have been deployed, this collection will make eToro one of the leading NFT collectors in the world.
In addition, eToro plans to support up and coming creators and brands on new NFT projects. eToro plans to commit $10 million in emerging projects, and act as a strategic partner to support bringing new emerging projects to market in 2022. Projects that partner with eToro will receive a range of support and services that help them bring their NFT project from concept to market. This will include a range of financial, technical support, marketing and community support. To participate in the program, creators will need to complete the intake application on eToro.art.
Guy Hirsch, Managing Director, Global NFTs at eToro, said: “NFTs converge culture, technology, and investing. As the leading social investing platform, eToro is well positioned to lead this space, and eToro.art will bring creators and investors together through technology, uniting communities around art. We are excited to provide our support to a wide range of NFTs projects which reflect the diversity, creativity and positive social impact of the communities of art enthusiasts that they represent.”
Last week, Delta, an asset explorer and tracking app that eToro acquired in 2019, announced the ability to explore NFTs alongside stocks, cryptos and other instruments.