Quick take:
- This marks eToro’s foray into the world of NFTs.
- The funds will be used to purchase blue-chip NFTs.
- $10 million will go towards seeding emerging creators and NFT projects.
Social trading platform eToro announced today its first foray into the NFT space with the launch of NFT patron program, eToro.art. The company will deploy a $20 million fund through the program to support NFT creators, agencies, and brands.
Part of the funds will be used to purchase blue-chip NFTs to offer eToro’s community of 27 million registered users a new pathway to explore NFTs. eToro plans to commit $10 million to seed emerging NFT creators and projects and bring them to market.
“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,” said Yoni Assia, Co-Founder and CEO at eToro. “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.”
For the first stage of the eToro.art program, the platform has revealed several blue-chip NFTs in its collection, which includes Bored Ape Yacht Club, CryptoPunks, World of Women, Doodles and more.
Once the funds are fully deployed, the collection of NFTs that eToro owns will make the company one of the biggest NFT collectors in the world.
Projects that partner with eToro’s patron program will receive financial, technical, marketing and community support to help them bring their concept to market. To participate in the program, creators will have to fill out an application form on eToro.art.
“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,” said Guy Hirsch, Managing Director, eToro Art.
eToro will showcase its collection of blue-chip and emerging NFT projects at a private event focused on the future of culture at the Bass Contemporary Art Museum in Miami this week.
Last week, Delta, a multi-asset explorer and tracking app that eToro acquired in 2019, announced its expansion into NFTs by enabling users to explore NFTs alongside their stock, crypto and fund holdings.
By connecting their Web3 wallet to the Delta app, users will not only be able to view the NFTs they own but also explore and track over 18 million NFTs.
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