Research and Market’s latest NFT market report for Italy predicts a 47.6% growth in the country’s NFT market by the end of 2022.
With centuries of history, art, and culture, Italy is one of Europe’s cultural centers. According to a recent analysis, the nonfungible token (NFT) market is now positioned to usher in a cryptographic Renaissance.
Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is projected to have a growth of 47.6% in its NFT market 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 nonfungible tokens 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.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 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 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.
Italian artists even have their own management organization dubbed “crypto renaissance,” which refers to the nation’s development as a leader in art during the Renaissance period, to assist Italian NFT artists.
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. However, Italy’s budget materials 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.
