Crypto Platform eToro Launches $20 Million NFT Fund

On Thursday, cryptocurrency trading and investment platform eToro announced plans for a $20 million fund to buy non-fungible tokens (NFTs) and boost creators and brands.

The plan was announced at The Bass, a contemporary art museum in Miami. It is part of the platform’s new initiative, aimed at supporting NFT makers and brands and expanding eToro’s NFT investment services.

The company said the new fund was the start of a broader NFT strategy that would eventually offer a multitude of NFT services. Currently, eToro offers cryptocurrency trading, stocks and ETFs and other investment services.

The company also showcased its NFT collection featuring NFTs from classic collections such as CryptoPunks, Bored Ape Yacht Club, and World of Women. NFTs from these collections regularly sell in the hundreds of thousands and even millions of dollars. They are considered historic in crypto art, and part of the fund will also go towards purchasing more advanced NFTs for eToro’s collection.

According to US CEO Guy Hirsh, the company is excited about encouraging new creators and giving more people the opportunity to invest in digital assets. And to back the enthusiasm with action, the platform says it will allocate $10 million from the fund this year to help emerging creators and brands bring NFT projects to market.

eToro isn’t alone in believing in NFTs

At the Miami conference, Hirsh also said he believed “any brand” could be a participant in the NFT space. Whether that’s true or not, the wave of big brands, corporations, celebrities, and even countries storming into the NFT and metaverse space recently indicates that he’s far from the only believer.

Here are a few headlines from the past few weeks on major brands that have ventured into NFTs:

Since NFT technology allows digital assets to be verified and stored securely on a blockchain, digital assets such as video, photos, memes, digital art, virtual real estate, digital fashion, etc. can now be bought, sold and traded using of cryptocurrencies.

Artists and creators can also earn royalties on secondary sales from NFTs, encouraging all kinds of artists to move from Web2 to Web3.

There’s no doubt that NFTs have opened the door to a whole new realm of possibilities for artists and brands, so we can’t blame eToro, a company with 27 million registered users, for believing it can make a splash in the NFT. -room.

We’ll be watching to see how individual creators and brands will benefit from the fund.

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