This week, eToro launched a $20 million fund for NFT-related purchases and projects. Coming from an extremely prolific and successful investment platform, this move signals a major endorsement for the NFT market.
A Bit About eToro
eToro is a giant in the world of cryptocurrency and beyond. It is one of the world’s leading multi-asset platforms and boasts a community of more than 27 million users. Until now, the name has been primarily associated with forward-thinking investment options and modern technology. The latest move towards NFT is not off-brand, but it is certainly a new direction.
eToro and NFTs
Although this is, by far, the biggest step eToro has taken in the NFT space, it is not the first time the name has been connected to the industry. Last month Bored Apes launched its own brand-new cryptocurrency- ApeCoin (APE)- and eToro was proudly listed as their partner.
Supporting the coin’s launch is not the only support eToro has shown to the Bored Apes collection: it has openly stated wider interest in the project and expressed potential for a much larger brandscape.
On top of that, top eToro leaders have shared their belief in blue-chip NFTs and their value as long-term investments. Considering the platform’s powerful position in the digital multi-asset space, that is one serious endorsement.
About the Fund
The fund, which holds a staggering $20 million, will be used to purchase blue-chip NFT collections for eToro.art- a new branch of the company. eToro unveiled its current collection to coincide with the launch of the new NFT platform. The impressive selection includes mega projects such as CryptoPunks, Bored Apes Yacht Club, and World of Women.
It is also set to support emerging new artists with blue-chip potential. As a prominent platform with the money and power to make things happen, eToro aims to be a positive force in the NFT community and create opportunities for up-and-coming creatives.
Around 50% of the fund is said to be dedicated to helping new digital artists create, develop, and launch their collections. That includes providing financial support, technology, and marketing assistance from start to finish. Some fortunate talented people out there are about to get fairy godmothered by one of the largest investment platforms in the world!
eToro.art is set to serve as a sort of art gallery for what is sure to become an iconic collection of high-value NFTs from some of the most prolific and exciting artists in the industry. It is unclear, for now, how interactive it may be and what further purposes it may serve in the future, but eToro has expressed a wish to bring a sense of fun and community to its 27 million users.
Why It Is a Game-Changer
Make no mistake: eToro is certainly not the first mega-brand name to tune into NFTs as serious investment opportunities. In August 2021, VISA purchased CryptoPunk #7610 for around $150 thousand, marking one of the first instances of buy-ins by major brands.
Since then, hosts of iconic names have dipped their toes- or jumped headfirst- into NFT investing. Coco-cola, McDonald’s, Luis Vuitton, and Adidas are just a few household names with skin in the game.
However, this is different. It is one of the first times a brand has publicly shared its collection in this way. Announcing the fund’s existence and intentions is a bold move by eToro. The launch is sure to stir up interest in the market in the coming weeks and months.
Additionally, the fund is not just about eToro buying NFTs for eToro: it is also about providing the necessary funds and support for new artists to develop and launch their collections into the space. That is certainly game-changing.
Could this mark a new wave of major NFT investors supporting artists and promoting the industry? If it is, this is an exciting time to be involved in NFTs.
eToro proudly markets itself as a brand that always looks for the next big thing. Looking to the future for bold and brilliant investment opportunities is what the company does, and it has rested its watchful eye on NFTs.