According to CNBC, cryptocurrency trading platform eToro has formed a $20 million Non-fungible token (NFT) fund to acquire NFTs and promote industry founders and brands.
The fund’s creation is part of eToro’s art goals, implying that the company would expand its investor offerings and take a significant move into the NFT industry.
NFT is a sort of encrypted token that symbolizes one-of-a-kind collectibles. In applications that need unique digital things, such as encrypted art, digital collectibles, and online games, NFT is employed.
Before NFTs, only large traditional financial tycoons like Goldman Sachs could enter the cryptocurrency arena, according to Guy Hirsch, U.S. managing director of eToro; now, NFTs effectively make everyone and every prospective brand a player in this market.
eToro, founded in 2007, has been a pioneer in the worldwide Fintech movement, enabling consumers to invest by providing them with access to global markets. eToro has made trading easy and social for over 12 million traders worldwide, from cryptos to stocks and commodities.
Several well-known companies from diverse sectors, including Starbucks, Coca-Cola, McDonald’s, Nike, and others, have joined the NFT track in the last few months.
Hirsch continued, saying:
“Any brand can hone in on this and create some sort of an NFT that represents an ownership stake in part of the brand,”
eToro also announced a $10 million investment to help budding artists and companies bring their innovative NFT initiatives to market.