The top global investment platform, eToro, has announced the launch of a subsidiary called eToro.art. eToro.art is eToro’s NFT-based fund platform. Per the official announcement, the digital creators (whether individuals, brands, or agencies) can showcase and sell their works through this new platform.
Keeping eToro At The Forefront Of Blockchain Innovations
As a launch of the platform, eToro will release its series of digital collectibles. Some of the works in this series include famous works like BAYC, World of Women, Crypto Punks, and works from unknown NFT creators. eToro raised $25m from VCs to launch this platform, but not all the funds have been utilized yet.
Hence, if the platform fully deploys the raised funds as planned, eToro will likely become the biggest NFT collector globally. While commenting on the development, eToro Chief, Yoni Assia, revealed that “we are a company constantly searching for the next big thing in the digital asset space. We are currently researching our strategic approach towards exploring opportunities in the metaverse, including the array of digital assets that we would need to incorporate.”
He added that “our ecosystem of nearly 30m members want our deep analysis of emerging technologies and access to them. Hence, it is only logical that we serve as the conduit for them to explore the NFT and metaverse space. We look forward to seeing the innovations in the metaverse before the next quarter.”
Making Proper Use Of Raised Funds
eToro team revealed that much of the $25M raised will be used to acquire top NFTs and invest in promising NFT projects and creators. The investment platform further revealed that it would support NFT projects from unknown creators or brands whose works show huge potential. eToro plans to use 50% of the raised funds for this purpose.
Also, it intends to establish key partnership deals with other metaverse-related projects to make them mainstream before the year is over. eToro will support its partners in all aspects, including technical support, especially for project creators who are still struggling with the marketing angle for their NFT projects.
However, eToro will screen interested partners by asking them to fill out an application on the new NFT platform. This process will ensure that the eToro team works with the most serious NFT project owners. eToro’s performance for Q4 2021 was better than its performance for Q4 2020 by more than 80%. The report, released last week, showed that the platform made the majority of its income through commissions, earning nearly $305m for the period under review.
The Rising Popularity Of NFTs
Interest in NFTs has surged to new levels in the last 12 months. It is no wonder that NFT marketplaces, especially popular ones like OpenSea, are recording million-dollar worth of NFT transactions daily. Speaking of OpenSea, it has continued to expand its reach to retain its position as the number one NFT platform. Also, it recently partnered with fast-rising blockchain, Solana, to list NFTs minted on this blockchain.