With centuries of history, art, and culture, Italy is one of Europe’s cultural centers. A new report claims that the country is now poised to spur the crypto art renaissance thanks to its non-fungible token (NFT) market.
The country’s NFT market is anticipated to increase by 47.6% by the end of 2022, according to data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook.” The Italian NFT market would then be valued at roughly $671 million. Additionally, a consistent upward compounded annual growth rate of 34.6% is predicted for the NFT sector in Italy over the subsequent five years. By 2028, it is expected that Italians will spend a total of $3.6 billion on NFTs.
NFTs were innovative for the entire fashion sector, not just for Italy. Dolce & Gabbana and Gucci each made $25.6 million and $11.5 million respectively during the course of the previous year from their NFTs. Through digital events and wearables, many of which included NFTs, these brands also spearheaded campaigns to involve their communities in the metaverse.
Italy is being propelled into the NFT spotlight by factors other than just fashion brands. The lengthy cultural history of the nation has also witnessed various Web3-related activity.
The Arco della Pace, often known as the Arc of Peace, in Milan, Italy, served as the first subject for an NFT initiative dubbed the Monuverse that is preserving historical sites through digital assets.
In the meantime, the Italian crypto is becoming more positive overall. Algorand, a blockchain company, recently announced that it would deploy its technology to enable Italian banks and insurance guarantee platforms. However, Italy’s budget papers for the upcoming year were made public on December 1 and included information about a new 26% capital gains tax that will be levied on cryptocurrency income in the coming year.