eToro has launched an NFT platform, eToro ART, a patron program to boost NFT artists and showcase non-fungible token collections.
A message on the eToro.art website reads:
eToro is partnering with the world’s best creators, agencies and brands to celebrate their NFT initiatives, and support them in bringing new NFT projects and aspirations to life. Got vision and community? Fill the form to join us.
eToro NFT Marketplace?
It’s not clear yet if the eToro NFT platform will also be a marketplace to buy and sell NFTs, but the first press release published on PRNewswire states:
A $20 million dollar fund will be used to purchase blue chip NFTs, as well as seed emerging creators and NFT projects, whom eToro will support to bring new NFTs to market. eToro intends to bring the power, fun and community of NFTs to its community of over 27 million registered users, and plans to offer new pathways for them to explore and enjoy NFTs.
Many crypto exchanges added their own dedicated NFT marketplaces to compete with giants like Opensea, Rarible and Looksrare, for example:
However a disclaimer does also appear on the eToro.art website: ‘No NFTs may be purchased through eToro by use of the services provided by eToro, and eToro is not responsible for any trading activity in NFTs which may occur on any third-party platforms to which eToro may direct its customers.’
eToro ART Program
What’s confirmed for the first stage of the eToro.art program is to:
- Purchase some of the best NFTs such as Bored Ape Yacht Club NFTs, CryptoPunks, and other successful NFTs like the World of Women collection
- Commit $10 million of the fund to supporting upcoming NFT projects to ‘bring them to market in 2022’, offering marketing, technical and financial support
- Cement eToro as one of the ‘leading NFT collectors in the world’
- Debut the eToro ART NFT collection at the Bass Contemporary Museum in Miami – said to take place this week
NFT creators and artists are being invited to ‘join the gallery’ by filling out an application form on the eToro ART website to take part.
The managing director of eToro Art Guy Hirsch commented:
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.
We’ll be following the eToro NFT collection closely as eToro is one of the most regulated crypto platforms in the industry. If they’re getting into NFTs, that’s bullish for the NFT space as a whole.
The CEO of eToro Yoni Assia has also stated that the company ‘sees huge potential in the metaverse and new digital assets.’
eToro offers a Copy Portfolio (Smart Portfolio) called Metaverse Life, which is a way to invest in metaverse coins related to NFTs like MANA, SAND and ENJ, alongside metaverse stocks, with a 75% – 25% split.
Cryptoassets are a highly volatile unregulated investment product.