The eToro investment platform announced that it wants to enter the NFT world with the launch of eToro.art to support creators, agencies and companies in the Non-Fungible Token field.
The eToro fund to invest in NFTs
It is a $20 million fund that will be used to buy NFTs, but at the same time also to fund artists and projects.
Yoni Assia, co-founder and CEO of eToro, said:
“As a company with a constant focus on ‘what comes next’, eToro sees tremendous potential in the metaverse and a range of new digital assets. eToro has a community of over 27 million registered users who want to access and learn more about new and emerging technologies. Having been among the first to integrate its offer of more traditional assets with cryptocurrencies, it is only natural that it should act as a bridge to the NFTs and the metaverse. We are incredibly excited to see what will happen in this area in the coming months.”
The NFT collection by eToro.art
The eToro.art collection currently includes NFTs from Bored Ape Yacht Club, CryptoPunks, World of Women and many others, as explained in the press release issued by the company today.
The second part of eToro’s NFT project then provides support to creators and brands, initiated or emerging, engaged in new NFT projects.
The company has decided to invest 10 million dollars also in promising projects, acting as a strategic partner to support the launch on the market during 2022.
Projects that partner with eToro will receive support services that will help them bring their NFT project from concept to market.
Guy Hirsch, Managing Director of eToro.Art, said:
“NFTs bring together culture, technology and investment. As the main social investing platform, eToro is well positioned to guide this space. eToro.art will gather creators and investors together through technology, joining communities around art. We are excited to provide our support to a wide range of NFT projects that reflect the diversity, creativity and positive social impact of the art-loving communities they represent.”
eToro will debut its collection at the Bass Contemporary Art Museum in Miami this week.
Last week, Delta, an asset explorer and tracking app that eToro acquired in 2019, announced the possibility of including NFTs along with stocks, crypto and other tools.
What is eToro
eToro is a social investment network that allows people to grow their knowledge and wealth as part of a successful global community of investors.
eToro was founded in 2007 with the vision of opening up global markets so that everyone can trade and invest in a simple and transparent way.
Today, eToro is a global network of more than 27 million registered users who share their investment strategies. Anyone can follow the approaches of those who have been most successful.
Thanks to its simplicity, users can easily buy, hold and sell goods, monitor their portfolio in real time, and make transactions whenever they want.
Delta is an Investment Tracker that provides the ability to track user investments, including stocks, crypto, NFT and other tools.
The regulation on NFTs
The regulatory treatment of Non-Fungible Tokens may vary across jurisdictions, and NFTs may – depending on their specific characteristics – not be regulated or be subject to regulation in different jurisdictions.
The services and activities that etoro intends to perform in relation to NFTs are limited to the aggregation of information and referral to third party platforms, and etoro does not intend to provide services in relation to any NFT that constitutes a regulated product in any jurisdiction.
No NFT may be purchased through eToro using the services provided by eToro, and eToro is not responsible for any NFT trading activity that may occur on third party platforms to which eToro may direct its customers.
NFTs can be highly volatile and individuals who transact in NFTs may benefit from little or no consumer protection and may be subject to profit taxes.
The services that eToro provides may be limited to customers in certain jurisdictions at eToro’s absolute discretion, including for legal, regulatory or commercial reasons.