Crypto Platform eToro Launches $20M NFT Patron Fund to Increase Innovation in Arts

Announcements, Blockchain, News | April 8, 2022 By:

Global social investing network eToro has expanded into NFTs for the first time with the announcement of a $20 million patron program.

eToro is the world’s leading social investment network, with a community of over 27 million registered users. The company is widely regarded as a crypto pioneer. It bought 100 bitcoin in November 2012 when it was priced at just $12.29. The same year, its CEO and co-founder Yoni Assia co-wrote with Vitalik Buterin the white paper for Colored Coins. These tokens are believed to be the first ever NFTs – a market which surpassed $40bn in 2021 and is growing at an exponential rate.

The company’s new patron program, eToro.art, is designed to help spur innovation in the NFT space and help creators bring new NFT projects and aspirations to light. The $20 million fund will be used to purchase blue chip NFTs, as well as seed emerging creators and NFT projects. eToro intends to bring the power, fun and community of NFTs to its community and plans to offer new pathways for them to explore and enjoy NFTs.

“As a company with one eye constantly on ‘what’s next’, eToro sees huge potential in the metaverse and a range of new digital assets,” said Yoni Assia, Co-Founder and CEO at eToro. “eToro has a community of over 27 million registered users who want insight on and access to new and emerging technologies. As one of the first companies to offer crypto alongside more traditional assets, it is only natural for eToro to serve as the bridge to bring new users into NFTs and the metaverse. We’re incredibly excited to see the developments in this space over the coming months.”

“NFTs converge culture, technology, and investing,” said Guy Hirsch, Managing Director, eToro Art. “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.”