- 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.
- Spending on NFT is anticipated to reach $3.6 billion by 2028.
- Additionally, TremendousRare, the main NFT market, ranked third place internationally for overall gross sales.
With centuries of history, art, and culture, Italy is one of Europe’s cultural centers. According to a recent analysis, the non-fungible token (NFT) market is now positioned to usher in a cryptographic Renaissance.
According to information from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook,” the country’s NFT market is anticipated to increase by 47.6% by the end of 2022. The Italian NFT market would then be valued at roughly $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, it is expected that NFT spending will total $3.6 billion.
The paper claims 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.
Italy, a leader in producing NFT artists, saw widespread use of digital crypto art and NFTs, earning it the moniker “Crypto Art Renaissance.” In addition, Italy was in third place globally for overall gross sales in TremendousRare, the primary NFT market.
The publisher anticipates that over time, more Italian artists will enter the NFT space with creative works, earning large sums of money and capturing the market.
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 previous year from their NFTs.
These companies also spearheaded efforts to use digital activities and wearables, many of which included NFTs, to engage 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 activities.
Meanwhile, the overall tone of the Italian cryptocurrency market is also improving. Algorand, a blockchain company, recently announced that it would deploy its technology to enable Italian banks and insurance guarantee platforms. Gemini obtained authorization to conduct business in Italy in November.