Social investment network eToro has taken its first step into the world of non-fungible tokens with the launch of eToro.art, a new patron program to support NFT creators, agencies and brands.
The $20 million fund will be used to purchase blue chip NFTs, as well as seed emerging creators and NFT projects.
“As a company with one eye constantly on ‘what’s next’, eToro sees huge potential in the metaverse and a range of new digital assets,” said co-founder and CEO Yoni Assia.
“eToro has a community of over 27 million registered users who want insight on and access to new and emerging technologies.
“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.
“We’re incredibly excited to see the developments in this space over the coming months.”
The first stage of the eToro.art program is the reveal of eToro’s NFT collection, which includes blue chip projects such as Bored Ape Yacht Club, CryptoPunks, World of Women and projects of emerging artists.
Once its full funds have been deployed, eToro says this collection will make it one of the leading NFT collectors in the world.
It also plans to commit $10 m to emerging projects and act as a strategic partner to support bringing these to market in 2022.
Guy Hirsch, MD at eToro Art, said: “NFTs converge culture, technology, and investing. As the leading social investing platform, eToro is well positioned to lead this space, and eToro.art will bring creators and investors together through technology, uniting communities around art.
“We are excited to provide our support to a wide range of NFTs projects which reflect the diversity, creativity and positive social impact of the communities of art enthusiasts that they represent.”
eToro will debut the collection at the Bass Contemporary Art Museum in Miami this week, in a private event focused on the future of culture.