La dolce vita between the Italians and the NFTs – The non-fungible tokens (NFT) are one of the most striking phenomena of this year 2022 which is coming to an end, despite a drastic drop in volumes and prices. With use cases multiplying and going far beyond simple image collections, the sector is developing in depth. L’Italy is, on its own, a condensed possibilities of this new technology driven by three distinct areas: fashion and ready-to-wear, modern art designers digital and the landmarks historical. Andiamo to Roma!
Transalpine creators take over NFTs for a “Crypto Renaissance”
The market research specialist based in Dublin says it: the sector of NFT in Italy grew by 47.6% This year. Research and Market conducts studies for all branches of the economy and its teams have just published a report entitled “Italy NFT Market Intelligence and Future Growth Dynamics Databook”. In this study in-depth study of the NFT sector with our transalpine neighbours, we learn that NFTs have generated 671 million of dollars this year, and could reach $3.6 billion by 2028.
And to understand what forms this enthusiasm has taken, let’s first take a look at this original platform developed to promote commercialization of digital works of art national and named “The Crypto Renaissance”. L’idea was to promote local creation, and the results far exceeded expectations.
A nod to one of the most prolific periods ofitalian art allowed the project to become known and its artists to benefit from the notoriety of the country concerning this major artistic movement. Moreover, the NFTs have also managed the feat of connecting the art of the 21st century and that of past centuries. Here’s how !
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Historical heritage enhanced by Web3 and NFTs
At first sight, it is difficult to link Web3 and fine arts. And yet, an Italian project did it: the Monuverse. You would have understood it. It is a neologism combining historical monuments and metaverses. More in detail, it is a clever mix of blockchain technology, 3D images and generative art that allows you to transform national landmarks into works of art digital.
The first test concerned theArco della Pace – the Arc of Peace – in Milan which was tokenized in 7,777 NFTs. For owners, it’s about owning an original digital work of art, but also part of this historical monument, an architectural masterpiece from the early 19th century. Selling NFTs to satisfy the curiosity of collectors and attract a younger audience, while raising money for the preservation of the national heritage: this is the bright idea of this collective which participates in the general adoption of NFTs in the country.
And to end this Italian overview of the uses of NFT, how not to mention the top haute couture brands and ready-to-wear that pioneered the phenomenon? Diesel, Gucci and Dolce & Gabbana have successfully embraced Web3. Halfway between virtual and reality, these brands have been able to draw the best of NFT technology.
Whether dressing up your avatars stylishly in the metaverse or providing access to private events in real life, NFTs allow brands to federate their community around limited digital objects. Between brilliant marketing and technological advances, Dolce & Gabbana thus generated 25.6 million of dollars in revenue thanks to its NFTs, when Gucci won 11.5.
Finally, we could add that several exchanges, such as Binance, Coinbase or Geminisettled down this year in Italy, which shows the industry’s interest in this country, which clearly reciprocates. Faced with this surge in NFT-related revenues in the country, it now remains to know how will the tax administration react in 2023.
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