- Blue chip NFTs will be purchased with the fund.
- eToro.art begins with the release of its NFT collection.
Well-known global multi-asset investment platform, eToro, announced that it had launched its own non-fungible token (NFT) fund, eToro.art. According to the press release, the platform seeks to support NFT creators, agencies and brands within the sphere.
To begin the program, eToro unveiled its NFT collection. This includes blue-chip projects such as Bored Ape Yacht Club, CryptoPunks, World of Women, as well as emerging artists’ projects. Upon deployment of its full funds, this collection will make eToro one of the most dominant NFT collectors in the world.
“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 into 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,” Yoni Assia, the Co-Founder and CEO at eToro said, commented.
eToro will use the $20 million dollar fund to acquire blue-chip NFTs, as well as to seed emerging creators and NFT projects. Additionally, eToro plans to support new NFT projects for up-and-coming creators and brands. eToro plans to invest $10 million in emerging projects and act as a strategic partner to bring new emerging projects to market by 2022.
The projects partnering with eToro will receive a range of support and services to help them develop their NFT project from concept to market. Financial support, technical support, marketing support and community support will all be provided. Creators will have to fill out an intake application on eToro.art to participate in the program.
Recently, eToro released its fourth-quarter of 2021 full-year financial results, noting a significant increase in total commission. According to the report for the quarter ended December 31, 2021, the investment platform netted $304 million, which is up 85% compared with Q4 of 2020.
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