With centuries of history, art, and culture, Italy is one of Europe’s cultural centers. Its recent foray into the world of nonfungible tokens (NFTs) may be the beginning of a crypto art revolution.
Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” has projected that Italy’s NFT market could reach a total valuation of $671 million by 2022, and an impressive $3.6 billion by 2028.
This growth is primarily attributed to the country’s strong culture and history, which have enabled the development of an increasingly popular NFT market. With a compound annual growth rate of 34.6%, Italy is well-positioned to become a leader in the NFT space. The country is set to become a major powerhouse in the digital art world, and may even pioneer a new era of crypto art.
Italy’s success with non-fungible tokens (NFTs) was long pending because of its vibrant art and culture scene. Major Italian luxury fashion brands, like Gucci and Dolce & Gabbana, have been at the forefront of adopting Web3 technologies to monetize the industry. With the help of NFTs, these brands have been able to use Blockchain technology to tap into a new digital economy, leading to increased profits and better customer experiences.
NFTs were innovative not only 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 limelight by factors more than just fashion labels. The lengthy cultural history of the nation has also witnessed various Web3-related activities.
The Arco della Pace, often known as the Arc of Peace in Milan, Italy, served as the first topic for an NFT initiative dubbed the Monuverse that preserves historical landmarks 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 tonality of the Italian crypto 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 future year were made public on December 1 and included information on a new 26% capital gains tax that would be levied on cryptocurrency income in the coming year.
In conclusion, the market report predicts that Italy is well-positioned to lead the way in the emerging world of crypto art and NFTs. With its rich cultural history and strong tradition of art and design, it is expected that the country will play a major role in the creation of a new crypto art renaissance.