By the end of 2022, the NFT market in Italy is expected to increase by 47.6%, according to Research and Market's most recent analysis on the subject.
The rise of Crypto Art
With centuries of history, art, and culture, Italy is one of Europe's cultural centers. According to a recent analysis (1), the nonfungible 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 around $671 million. Italy's NFT Forecasts indicate that the industry will expand at a stable 34.6% compound annual growth rate during the next five years. By 2028, NFT spending is expected to total $3.6 billion.
The paper claims that the country's thriving art and cultural environment contributes partly 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 only for Italy but for the global fashion sector. Dolce & Gabbana and Gucci each made $25.6 million and $11.5 million during the previous year from their NFTs.
The undertaken Initiatives
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 management organization (2) 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 approval in November. However, Italy's budget materials for the future year were made public on December 1. They included information on a new 26% capital gains tax levied on cryptocurrency income in the coming year.