eToro Trading App Announced $20M Creator Fund For NFTs

eToro trading app announced a $20 million creator fund for NFTs with plans to support the emerging sectors and the platform started quietly collecting Crypto Punks and bored apes so let’s read more in today’s latest cryptocurrency news.

It seems that the platform is jumping into NFTs. The eToro trading app announced a $20 million creator fund that will launch as a new initiative to support upcoming NFT projects and the creators can buy some NFTs as well. The NFTs are unique tokens that exist on the blockchain and signify ownership over an asset like a piece of digital art. In a statement, eToro shared that it holds ETH NFTs from the Bored Ape Yacht Club, Doodles, Crypto Punks, and World of Women.

The company committed half of the $20 million to support new NFT creators and anyone can apply to get this funding. The platform will offer an open application for new and aspiring artists to pitch an NFT project like membership-based NFT, a profile picture, or a video game that uses NFTs as In-game assets. The managing director Guy Hirsch provided more insight into the company’s foray into Web3 and NFTs as he said:

“We want [our users] to be a part of this revolution.”

When it comes to eToro’s NFT fund, he views NFTs as investment and art and the company will choose the projects to fund based on overall potential and utility:

 “It’s part art, part science.”

While most projects eToro purchased are built on Ethereum and Hirsch said he is also looking into Avalanche and Solana because the goal is to be chain agnostic multichain. eToro’s NFT acquisitions from existing projects will be revealed at the Bass Contemporary Art Museum in Miami.

As previously reported, The United Kingdom’s Advertising Standards Authority, the UK Watchdog banned seven crypto-related promotions as a part of the wider focus on harmful crypto ads according to the BBC. The ASA targeted crypto promotions from Coinbase, Etoro, Papa John’s Luno Money, Payward, Coinburp, Exmo Exchange. All seven were banned for irresponsibly taking advantage of the consumer’s inexperience and for failing to illustrate the risks of investing in crypto.

The ASA said in the promotion, trivialized what was a serious and expensive financial decision, especially in the context of the intended audience is likely to have limited knowledge of cryptocurrency technology. Though the payware ad had a disclaimer, the cautious were unclear so the ASA said consumers would need to have time to comprehend the relevant information in the disclaimer if it is seen at all. This is not the first time the ASA targeted the crypto industry.