eToro announces it will invest millions in the creation of NFTs

Trading platform eToro has announced that it is entering the non-fungible token (NFT) market. The company announced a $20 million fund to buy NFTs and support emerging projects in space.

eToro enters NFT

According to the company, which is one of the largest asset and crypto trading platforms on the market, the fund will be deployed through a new platform called “eToro.art”.

e-Toro highlighted that the action aims to bring the “fun and community” of the NFT industry to its 27 million users.

In the statement, the platform said it will be “one of the top NFT collectors in the world” once its funds are fully deployed, with a collection that already includes NFTs from projects like Bored Ape Yacht Club, CryptoPunks and World of Women, among others.

“We want to participate and show that we are part of the NFT community,” said Guy Hirsch, Managing Director of NFTs at eToro.

Also according to the statement, eToro plans to commit $10 million to emerging projects and act as a strategic partner to support the introduction of new projects to market in 2022.

Projects partnering with eToro will receive a range of support and services that will help them bring their NFT project to market.

This will include financial, technical, marketing and community support. To participate in the program, creators will need to complete the application form on eToro.art.

“We are excited to provide our support to a wide range of NFTs projects that reflect the diversity, creativity and positive social impact of the art enthusiast communities they represent,” said Hirsch.

e-Toro is not, however, the first company to show interest in holding NFTs. That’s because since Visa’s purchase of CryptoPunk #7610 in August 2021, several other companies have continued to buy NFTs. KPMG Canada, for example, purchased an NFT World of Women in February.