As the Non-Fungible Token (NFTs) hype keeps rising and the craze to join the economy continues to grow, global brokerage firm, eToro seeks to make an entrance into the space with the launch of a $20 million funds set aside to acquire blue-chip NFTs and also fund upcoming creators and collections in the NFT world.
The unique innovation dubbed “eToro.art” follows Delta’s inclusion of NFTs on its platform in the previous week. Delta is an asset portfolio monitoring company. It’s the exclusive app that offers users a live view of all their assets including NFTs. It was acquired by eToro in 2019.
With the intent of bringing the NFT fun and community to its over 27 million subscribers, eToro, through the company’s dedicated NFT platform will seek to bolster broad creativity in the space.
The Israeli social trading company after the deployment of the reserved funds will become one of the forerunners for NFT collections as eToro.art currently comprises NFT projects like the CryptoPunks, Bored Ape Yacht Club (BAYC), the World of Women, and a host of others.
Half of the amount will be committed to funding new authors and groups in projecting their works in the marketplace, although NFT artists are expected to complete an application process on eToro.art to qualify.
Projects that will be in partnership with the retail platform, can rely on support ranging from finance to technology and not exclude community and marketing support from eToro to take their ideas from conception to the marketplace.
eToro’s portfolio as a prominent public investment platform puts it in a good position to link the gap between authors and investors. It also brings togetherness between participants around the art while showcasing the diversity and creativity that it embodies using technology, according to eToro’s Managing Director, Guy Hirsch.
The retail platform is also looking at improving the way digital assets are currently valued; it is working on a third-party service that will qualify a piece and provide an estimated price that will be agreed on by all players, Hirsch added.
The growing NFT economy has enjoyed participation from recognized brands in recent times. English Premiership League, Liverpool FC in partnership with Sotheby’s launched its own NFT collections. Mark Zuckerberg also announced that NFTs will be coming to the video and picture sharing app Instagram, all of which were reported last month by cryptomarketsbeat.