The app will support “emerging creators of NFTs”, and has quietly collected Bored Apes, Crypto Punks, and other data.
It looks like eToro has entered the NFT market. Today, the financial trading platform announced that it had set aside $20 million for eToro.art to support NFT creators and projects. It also plans to buy NFTs.
NFTs unique tokens exist on a blockchain. They signify ownership of an asset, often a piece or digital art.
eToro stated in a statement that it now has Ethereum NFTs of the Bored Ape Yacht Club (BAYC), Cyber Punks and Doodles as well as World of Women.
Half of the $20 million will be devoted to supporting new NFT creators. Anyone can apply for funding and advice. Any new or aspiring artist can apply to the platform to pitch an NFT-related project. It could be a membership-based NFT or a project with a profile picture like the BAYC.
Guy Hirsch, eToro’s global NFTs managing director, gave some insight into the company’s venture into NFTs. In an interview at the Bitcoin 2022 conference, Guy Hirsch said that “We want [our customers] to be a part in this revolution.” He was referring to the 27,000,000 users of eToro.
Hirsch sees NFTs both as art and investments when it comes to eToro’s NFT fund. The company will select projects to fund based upon their utility and overall potential. He described their approach as “part art, part science”, which seeks to support creators of diverse backgrounds.
Although many of the projects eToro purchases are built on Ethereum and other blockchain-based technologies, Hirsch stated that he is also interested in Solana or Avalanche-based projects. He stated that he wanted to be multichain, chain-agnostic and not tied to any one particular chain.
This week, the Bass Contemporary Art Museum Miami will reveal EToro’s NFT purchases from existing projects.
