The eToro crypto platform is buying $20M in blue chip NFTs like Bored Apes, CryptoPunks, World of Women and small new upcoming NFT projects.
eToro Chief Executive Officer Yonia Assia has said he sees the company as ‘a natural bridge into NFTs’ for its 27 million registered users, and that he believes there is ‘huge potential in the metaverse and digital assets’.
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eToro NFT Collection
eToro will be spending half of at $20 million NFT investment on:
The remaining $10 million will be used to support upcoming NFT artists and new NFT projects with:
- Technical expertise
- Financial assistance
Those new NFT collections will be ‘brought to the market’ in 2022 by eToro, the aim being for eToro to become one of the ‘leading NFT collections in the world’.
eToro Invests in NFTs
The MD of new website eToro.art stated:
‘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 is one of the most fully regulated cryptocurrency and stock platforms in the world, being FCA, ASIC and CySEC regulated and open to the USA (being SEC compliant).
This step it is taking into NFTs, while a little late compared to some of the major crypto exchanges like Binance which launched an NFT marketplace in 2021, is bullish for the industry.
Although it doesn’t look like as yet eToro users will be able to trade NFTs directly on eToro, it does introduce its 27 million users to non-fungible tokens, who will then look for NFT marketplaces to buy NFTs on.
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