Digital currency trading platform eToro has just unveiled a new initiative to help strengthen the intersecting worlds of art, brands, crypto assets and the brilliant creators behind them. Appropriately called eToro.art, the program itself works like a digital gallery with NFTs of all kinds presented on a museum-like screen.
The company announced the new piece on Thursday, April 7 at Miami’s contemporary art museum, The Bass. The digital gallery acts as the centerpiece of the eToro initiative, with $20 million earmarked for the purchase of said NFTs to expand the reach of asset integrity and help advance talented creators.
To be clear, none of the exposed NFTs can be purchased by individuals or even brands at this time. The goal of the eToro.art gallery is simply to generate interest from external and internal investors in the eToro ecosystem. The company is also setting aside an additional $10 million to increase support for new NFT projects and help still-emerging designers with their NFT machinations.
eToro US Managing Director Guy Hirsch tells CNBC how this new push into crypto assets is just the very beginning of a new primary strategy for the company to explore services in the NFT space. From metaverse real estate to NFT-based music productions, the concept can be used in many varied ways, which Hirsch sees as the next step in expanding the field for investors.
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“Before, with bitcoin and ether, you only had Goldman Sachs or similar traditional financial players participating or looking to expand into crypto. NFTs essentially make every potential brand a player in that market,” says Hirsch.
The company only hopes to amplify the potential of NFTs beyond artistic and marketing purposes, as evidenced by myriad cases including Gucci, Nike, Ferrari, and more. Thanks to eToro and its new online NFT art exhibition, crypto assets can thus find even more exposure, value and overall weight in terms of external capacities.
This is one of the main concerns behind video games using NFTs for players, as this art form could be abused if used in tandem with microtransactions. But this is not the prerogative of eToro. The platform wants to rid the myriad of questions behind specific NFT values, with most simply finding a dollar sign in terms of scarcity, or what Hirsch explains as a floor price, the overall minimum collection amount for a single asset. .
Specifically, in the case of varied digital art, eToro will merge both sides of the equation, connecting investors with artists to ensure that ratings, concepts and overall acceptance can all be achieved in tandem. Hirsch sees this as a pseudo-new wave art form arena, where ordinary collectors and investors, as opposed to the super-rich, can find and collect art on a whim.
Hirsch explains that today’s field “needs to be more sophisticated” and allow for a more streamlined approach to NFT adoption, “similar to traditional art assessment.” He says:
“Within a year or two, we will have third-party services that will appraise individual pieces and give you an approximate price of what you are about to buy or what you own in a way that would be agreed by market players.
The white-collar reality of NFT trading has taken some time to prepare and gain momentum. Just recently, museums have embraced the new form of digital art exhibits, seeing not just the beauty but the overall value of displaying such pieces for their visitors. And, of course, people will say the hype is slowly dying out, but not when market values can see a potential $80 billion by 2025.
So, eToro’s angle here is to ensure that NFTs can still be imaginative and affordable, allowing more investors to engage. With typical concepts now reaching into the hundreds of thousands of dollars, often even exponentially, a streamlined approach to evaluating NFTs across the board is certainly a worthwhile investment for the potential growing interest in collecting cryptoassets. .
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