Italy to create the crypto art Renaissance: NFT market report

by AryanArtnews
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Italy to create the crypto art Renaissance: NFT market report

Italy is one of the cultural hubs of Europe, with centuries of history, art and culture. Now it is also set to create the crypto-art Renaissance via its nonfungible token (NFT) market, says a new report.

Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is expected to have a 47.6% growth in its NFT market by the end of 2022.

This will move the Italian NFT market around a $671 million valuation.

Moreover, Italy’s NFT industry will have a steady upward compound annual growth rate of 34.6% over the next five years. The spending value for NFTs is expected to reach $3.6 billion by 2028.

According to the report, some of the country’s success with NFTs comes from its vibrant arts and culture scene. Major Italian luxury fashion brands such as Gucci and Dolce & Gabbana have been some leaders in the adoption of Web3 technology in the industry.

They represented an innovation not only for Italy, but across the entire fashion industry. Over the past year, Dolce & Gabbana generated $25.6 million in revenue from their NFTs, and Gucci $11.5 million.

These brands also led initiatives to bring their communities into the metaverse through digital events and wearables, many of which included NFTs.

Fashion brands aren’t the only forces pushing Italy into the NFT spotlight. The country’s rich cultural history has also seen some Web3-related activities.

An NFT project called the Monuverse, which preserves historical sites via digital assets, used the Arco della Pace, or the Arc of Peace, in Milan, Italy, as its first subject.

Italian artists even have their own management organization to help Italian NFT artists called “crypto renaissance”, which harkens back to the country’s emergence as an art leader during the Renaissance period.

Related: What is an NFT whitelist, and how can you join one?

Meanwhile, the general atmosphere of the crypto industry in Italy is also picking up. Recently, blockchain developer Algorand will use its technology to support banks and insurance guarantee platforms in Italy. In November, Gemini got the green light to work in Italy.

However, on December 1, Italy released its budget documents for the coming year which revealed a new capital gains tax of 26% that will be levied on crypto profits in the coming year.