The Crypto Art Renaissance Will Be Created In Italy

Key Points:

• Italy’s NFT market is expected to increase by 47.6% by the end of 2022.

• The value of NFT spending is expected to reach $3.6 billion by 2028.

• Italian artists even have their own management organization, termed “crypto renaissance,” to assist Italian NFT artists.

According to Research and Markets’ most recent NFT market study for Italy, the country’s NFT market would increase by 47.6% by the end of 2022. The country will create a crypto art renaissance in the near future.

According to new research, it is now poised to usher in the crypto art Renaissance through its nonfungible token (NFT) market. As a result, the Italian NFT market would be valued at roughly $671 million. Furthermore, Italy’s NFT industry is expected to increase at a compound annual growth rate of 34.6% during the following five years. The value of NFT spending is expected to reach $3.6 billion by 2028.

The country’s success with NFTs is partly due to its thriving art and culture scene. The adoption of Web3 technology in the industry has been led by major Italian luxury fashion firms such as Gucci and Dolce & Gabbana. They represented not only an innovation for Italy, but also for the global fashion business. Dolce & Gabbana made $25.6 million in sales from NFTs last year, while Gucci made $11.5 million.

These brands also spearheaded efforts to draw their communities into the metaverse via digital events and wearables, many of which included NFTs. The Arco della Pace, or Arc of Peace, in Milan, Italy, was the first subject of an NFT project dubbed the Monuverse, which involves preserving historical sites using digital assets.

Italian artists even have their own management organization, termed “crypto art renaissance,” to assist Italian NFT artists, a reference to the country’s prominence as an art leader during the Renaissance period.

Meanwhile, the general climate of the crypto business in Italy is improving. Algorand, a blockchain company, recently announced that it will deploy its technology to enable banks and insurance guarantee platforms in Italy. Gemini was granted permission to operate in Italy in November.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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