eToro Announces $20 Million Creator Fund for NFTs

The financial trading platform eToro stated today that it has set aside $20 million to launch eToro.art, a new effort that will assist emerging NFT projects and creators—as well as purchase some NFTs.

The new fund, according to Guy Hirsch, eToro's US managing director, is the start of a larger NFT strategy for the company, which will eventually offer a variety of services to allow investors to engage in the growing economy.

“Before, with Bitcoin and Ethereum, you had only the likes of Goldman Sachs or similar traditional financial players participating or looking at expanding into crypto,” said Hirsch. “NFTs are essentially making any and every potential brand a participant in this market.”

eToro displayed its digital art collection as part of its new initiative, which includes well-known initiatives such as the Bored Ape Yacht Club, CryptoPunks, and World of Women. eToro also wants to invest $10 million this year to help emerging creators and companies bring their innovative NFT initiatives to market.

NFTs can be used for a variety of applications, including digital art. eToro plans to introduce capabilities that will expose users to use cases other than digital art, according to Hirsch.

Half of the $20 million will go toward supporting future NFT creators. Anyone can apply for financing and guidance. Any new or aspiring artists can apply to pitch an NFT project on the platform, whether it's a membership-based NFT, a profile picture-style project like the BAYC, or a video game that employs NFTs as in-game components.

Big businesses from every industry, including McDonald's, Nike, Gucci, the Premier League, and many others, have included NFTs into their marketing activities in the last few months.