eToro steps into NFTs with eToro.art

Social investment network eToro is entering the world of NFTs with the launch of eToro.art, Invezz learned from a press release. The new program will support NFT creators, brands, agencies, and other stakeholders in the market.

$20M will go toward seed funding

The program has a $20 million fund, which will go toward seed funding for NFT creators and projects to be supported by eToro in bringing new products to market. Part of the money will be used to buy blue chip NFTs like CryptoPunks and BAYC.

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eToro plans to bring the fun, power, and community of NFTs to its 27 million+ registered users and intends to give them new ways to explore and enjoy these assets.

Yoni Assia, eToro Cofounder and CEO 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.

In the first stage of the new NFT program eToro.art, eToro will reveal its own NFT collection. It includes CryptoPunks, Bored Ape Yacht Club, World of Women, and other blue chip projects as well as projects by new and emerging artists.

After deploying its full funds, eToro will see this collection on par with some of the leading ones in the world.

The exchange also plans to invest $10 million in emerging projects. They will act as a strategic partner to support the launch of such projects on the market this year.

Guy Hirsch, Managing Director, Global NFTs at eToro added:

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.

eToro’s collection will debut this week at the Bass Contemporary Art Museum in Miami, in a private event centered on the future of culture.