With centuries of history, art, and culture, Italy is one of Europe’s cultural centres. According to a recent report, the nonfungible token (NFT) market is now positioned to usher in a cryptographic Renaissance.
The Italian NFT market would then be valued at roughly $671 million.
Moreover, a compound annual growth rate of 34.6% is predicted for the NFT market in Italy over the subsequent five years. By 2028, it is expected that NFT spending will total $3.6 billion.
The report claims that the country’s thriving art and cultural scene contributes in part to its success with NFTs. Leading the industry in the adoption of Web3 technologies have been major Italian luxury fashion houses like Gucci and Dolce & Gabbana.
They were innovative not just for Italy but for the entire fashion sector. Dolce & Gabbana and Gucci each made $25.6 million and $11.5 million respectively over the course of the previous year from their NFTs.
These companies also spearheaded efforts to use digital activities and wearables, many of which included NFTs, to engage their communities in the metaverse.
Italy is being propelled into the NFT spotlight by factors other than just fashion brands. The lengthy cultural history of the nation has also witnessed some Web3-related activities.
The Arco della Pace, also known as the Arc of Peace, in Milan, Italy, served as the first subject for an NFT project called the Monuverse that is preserving historical sites through digital assets.
Italian artists even have their own management organisation called “crypto renaissance,” which refers to the nation’s emergence as a leader in art during the Renaissance period, to assist Italian NFT artists.
Meanwhile, the overall tone of the Italian cryptocurrency market is also improving. Algorand, a blockchain developer, recently announced that it would use its technology to support Italian banks and insurance guarantee platforms. Gemini received authorization to conduct business in Italy in November.
However, Italy’s budget documents for the upcoming year were made public on December 1 and included information about a new 26% capital gains tax that will be levied on cryptocurrency profits in the coming year.