Social investment company eToro has confirmed that it is making a move into non-fungible tokens, launching a $20 million program to acquire blue-chip NFTs and support the up-and-coming creators. The firm said that eToro.art is designed to bring the “power, fun, and community” of nonfungible tokens to its 27 million-strong userbase.
It has developed a collection that was unveiled at the Bass Contemporary Art Museum in Miami this week. Their collection comprises blue-chip projects like World of Women, CryptoPunks, Bored Ape Yacht Club, and projects of emerging artists.
50% of these funds will be used to back the emerging creators, brands, and agencies, with a promise of support and services to assist in bringing projects from concept to market.
The CEO of eToro, Yoni Assia, stated:
“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.”