Bored NFT Physical Art for Bordeaux in Hong Kong Encryption
Paul Yang | Bloomberg | Getty Images
Commercial Forum Etoro has unveiled a $ 20 million fund to buy NFTs and encourage entrepreneurs. The company announced the launch of the state-of-the-art art museum at The Bass on Thursday.
The Marketing Platform Fund is part of a new initiative called eToro.art to support NFT creators and brands.
According to Guy Hersche, Managing Director of Eto’o, US, the new fund is the beginning of the company’s advanced NFT strategy, which will eventually provide more services to enable investors to participate in the growing economy.
NFTs, or invincible tokens, are digital assets that represent real-world objects – such as art, music, real estate and others – and cannot be reproduced.
“Previously, only Goldman Sachs or similar traditional financial players from Bitcoin and Ether were involved or were interested in expanding to Crypto,” Hersch told CNBC. “NFTs are basically participating in any and every brand in this market.”
As part of the new initiative, eToro showcased its digital art collection, which includes well-known projects including the Board Up Boat Club, Cryptopink and the Women’s World. In addition, eToro plans to provide $ 10 million to support emerging entrepreneurs and brands to bring their new NFT projects to market this year.
Digital art is just one use for NFTs. Hersche Etoro said he plans to increase customer experience beyond digital arts.
In the last few months alone, big brands from every industry, including Coca-Cola, McDonald’s, Nike, GCC, National Football League and others, have brought the NFT to market.
“Any brand can be included in this and create a specific type of NFT that represents the brand’s partial ownership.
Valuing digital art
Investors are tired of seeing the value of digital art and are confused by big sales, such as Beeple’s piece sold at Christie’s for $ 69 million.
Discovering in digital art and knowing what to buy is still a big question mark, but the industry is working on it, Hersch said. Today, investors usually use the floor price or the small amount of money they can afford to buy from a collection.
“It has to be more sophisticated than that,” Hersch said. “We have seen the introduction of new services that are similar to the traditional art assessment process.
Art has been a strong asset for decades, but only for the wealthiest, says Hersche. Etoro is looking to bring both artists and new investors together to build their wealth in this new way.
With some of the blue-chip projects in the eToro suite, NFTs will spend at least hundreds of thousands of dollars on OpenSea, the largest marketplace for NFTs. That is not difficult for small investors to access, but the company expects the work of many lesser-known digital artists to be marketed as worthless as Boredos – it hurts buyers.
“When these artists create a collection or create an NFT failure, the cost goes down a lot,” Hersh said. “People could participate, and if the community is strong and the wisdom is promising, it will appreciate the value, but the entry point will still be accessible to the daily investor.”
“Some of them hopefully reach the level of a board monkey,” he added. “Ultimately, it will create a lot of new millionaires, just like the Bordeaux monkeys. It will create a lot of new wealth for people who have never had one before.”