With its long history, rich culture, and vibrant art, Italy is one of Europe’s cultural centers. A new report claims that Italy is now poised to spur the crypto art Renaissance thanks to its nonfungible token (NFT) market. By the end of 2022, the Italian NFT market is expected to have grown by 47.6%, according to Research and Market’s most recent analysis.
Italy NFT market intelligence report points to growth
The “Italy NFT Market Intelligence and Future Growth Dynamics Databook” by Research and Markets projects that the NFT market will grow by 47.6% by the end of 2022. The value of the Italian NFT market would then be about $671 million.
Moreover, a compound annual growth rate of 34.6% is predicted for the NFT market in Italy over the subsequent five years. By 2028, NFT spending will be expected to total $3.6 billion.
The report asserts that the country’s thriving art and cultural environment contributes in part to its success with NFTs. Leading the industry in the implementation of Web3 technology have been major Italian luxury fashion houses like Gucci and Dolce & Gabbana.
They were innovative not just for Italy but for the global fashion sector. Dolce & Gabbana and Gucci each made $25.6 million and $11.5 million, respectively, during the course of the last year from their NFTs.
The Doge Crown NFT, which sold during the auction, brought in the most money—roughly US$1.3 million at today’s prices—while “The Glass Suit” NFT brought in around US$1 million. Each variation of the “Dress from a Dream” sold for over US$500,000 at the same time.
Both the NFT and the physical copies of the objects were sent to the auction winners. The victors will also be granted admission to future Dolce & Gabbana events.
Many of these firms’ endeavors to bring their communities into the metaverse through digital events and wearables used NFTs.
The widespread use of digital crypto art and NFTs in Italy, a leader in generating NFT artists, earned it the moniker “Crypto Art Renaissance.” The renaissance recalls the country’s rise to prominence as an artistic leader during the Renaissance era. Additionally, Italy ranked third globally in terms of total gross sales of TremendouslyRare, the key NFT market.
NFT and Web3 adoption surges in Italy
Not just fashion brands are pushing Italy into the NFT spotlight. In addition to Web3-related activities, the country’s rich cultural past has witnessed several culturally significant events. The report predicts that, as time passes, an increasing number of Italian artists will enter the NFT area with unique works, generating substantial income and capturing the market.
Italy is being thrust into the spotlight of the NFT by forces other than fashion businesses. Throughout the nation’s extensive cultural history, there have been numerous Web3-related activities.
Investors are drawn to Italy’s one-of-a-kind and unrepeatable digital environment due to the fact that NFTs have transformed digital art by securing the market. This has created opportunities for Italian artists in the real world and has been dubbed the “New Renaissance.”
The artwork of Italian NFT artist Federico Clapis was purchased for approximately 44.7 ETH ($180,000), whereas Hackatao’s had sold for nearly 185ETH ($575,000). DotPigeon, based in Milan, purchased NFTs for $250,000 on Nifty Gateway.
The Arco Della Pace, also known as the Arc of Peace, in Milan, Italy, was the first subject of the NFT project Monuverse, which preserves historical places through digital assets.
In the meantime, the climate of the crypto business in Italy is also improving. Algorand, a blockchain developer, will deploy its technology to enable Italian banks and insurance guarantee platforms. In November, Gemini was granted permission to operate in Italy.
However, on December 1, Italy issued its budget documents for the current fiscal year, which revealed a new 26% capital gains tax will be applied to crypto profits in the upcoming fiscal year.
In addition, as the popularity of NFTs rises, non-profit NGOs are forming public-private collaborations with Metaverse platforms to discover and eliminate obstacles to human flourishing.
In March 2022, Humanity 2.0, a non-profit organization based in Rome, in association with the Holy See (Vatican), signed a public-private agreement with Sensorium. This Metaverse developer uses the most advanced AI, VR, and NFT.
