eToro to launch $20 million NFT-ecosystem support program

The crypto-friendly investment platform eToro announced the launch of eToro.art with $20 million in funding. The initiative aims to support aspiring NFT creators and to acquire tokens from well-known collections.

🎨 We’re making history with the launch of https://t.co/FwvRr10Zpe. eToro’s growing NFT collection, where art meets the social power of community.

— eToro (@eToro) April 7, 2022

The launch of eToro.art took place at The Bass Museum of Contemporary Art in Miami, United States. The initiative aims to acquaint the platform’s 27 million registered users with NFTs.

A portion of the funds will be used to buy “blue-chip” NFT tokens. eToro has already invested in tokens from the Bored Ape Yacht Club (BAYC), CryptoPunks, World of Women.

The platform will also act as a strategic partner for NFT projects launched in 2022. In addition to funding, eToro plans to provide technical, marketing and community support to the projects. Half of the fund will be allocated for these purposes.

“I hope some of them will reach BAYC status, many will become millionaires. eToro.art, with the help of technology, will bring together creators and investors, uniting communities around the arts,” said Guy Hirsch, the managing director of the project.

Going forward, eToro plans to add further use cases beyond digital art.

In March, Visa launched an educational program to develop business using non-fungible tokens.

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