Italy is one of the cultural centers of Europe, with centuries of history, art and culture. Now, It also plans to create the Renaissance of cryptocurrencies through its market of non-fungible tokens (NFTs)according to a new report.
Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says that I know foresees for the country to have a 47.6% growth in its NFT market by the end of 2022.
This would put the Italian NFT market at around a valuation of USD 671 million.
Furthermore, in the next five years, The Italian NFT industry is projected to have a constant upward CAGR of 34.6%. The value of spending on NFTs is projected to reach $3.6 billion by 2028.
According to the report, part of the success of NFTs in Italy is due to its vibrant arts and culture scene. Big Italian luxury fashion brands, like gucci Y Dolce and Gabbanahave been some of the leaders in adopting Web3 technologies in the industry.
They not only represented an innovation for Italy, but for the entire fashion industry. In the last year, Dolce & Gabbana generated revenue of USD 25.6 million thanks to NFTs, and Gucci 11.5 million.
These brands also led initiatives to bring to their communities to the metaverse through digital and wearable events, many of which incorporated 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 Monuverse, which preserve historical places Using digital assets, he used the Arco della Pace, or Arch of Peace, in Milan, Italy, as his first theme.
Italian artists even have their own organization management to help Italian NFT artists, dubbed the “crypto renaissance,” which dates back to the country’s emergence as an artistic leader during the Renaissance period.
In the meantime, the general environment of the crypto industry in Italy is also improving. Recently, blockchain developer Algorand will use its technology to help banks and insurance guarantee platforms in Italy. In November, Gemini got the green light to operate in Italy.
However, on December 1, Italy released its budget documents for next year, which revealed a new 26% tax on capital gains that will be imposed on the profits of cryptocurrencies in the next year.
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