EToro launches a $20m fund to boost NFTs

Crypto trading platform eToro has become the latest to launch a dedicated non-fungible token (NFT) trading fund.

EToro managing director Guy Hirsch said that the $20m fund would create fresh opportunities for the company insofar as the NFT vertical goes.

At the same time, the fund is also set to aid the creators behind NFTs boost awareness for their products and achieve independence status.

NFTs are increasingly popular across the world of sports and entertainment. They are digital tokens that offer fans the chance to buy collectibles which are uniquely and provably theirs.

Speaking to CNBC, Hirsch elaborated on why the company has gone after NFTs. “Before, with Bitcoin and Ether, you had only the likes of Goldman Sachs or similar traditional financial players participating or looking at expanding into crypto.”

Now, NFTs are allowing everyone to participate in a brave new financial market that is not the prerequisite of established financial giants. There have been many different attempts to create NFTs, and by some of the biggest brands out there.

Gucci, Nike, Coca-Cola and McDonald’s have all worked on solutions of their own. Hirsch is also confident that any brand can home in on NFTs and create their own unique product.

Hirsch said he expects art to be particularly favored by the NFT push. According to him, within a few years, there will be independent appraisal services that will tell you how much your NFT is worth it.

In the meantime, you may stick with traditional cryptocurrencies and their uses at Bitcasino, 1xBit or FortuneJack.

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Updated: 04/08/2022 — 08:00