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 non-fungible token market (NFT)according to a new report.
Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says that The country is projected to have 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. Major Italian luxury fashion brands such as Gucci and Dolce & Gabbana have been some of the leading adopters of 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 their communities into 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 preserves historic places through digital assets, used the Arco della Pace, or Arch of Peace, in Milan, Italy, as its first theme.
Italian artists even have their own management organization to help Italian NFT artists, called 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. Blockchain developer Algorand will recently use its technology to help banks and insurance guarantee platforms in Italy. In November, Gemini was given the green light to operate in Italy.
However, on December 1, Italy released its budget documents for next year, which revealed a new 26% capital gains tax that will be imposed on cryptocurrency profits in the coming year.
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