Italy to create the crypto art Renaissance

Italy to create the crypto art Renaissance

The latest NFT market report for Italy from Research and Markets says that the market will grow by 47.6% by the end of 2022.

With centuries of history, art, and culture, Italy is one of Europe’s cultural centers. Now, a new report says that its nonfungible token (NFT) market could help start the crypto art Renaissance.

The NFT market in Italy is expected to grow by 47.6% by the end of 2022, according to the “Italy NFT Market Intelligence and Future Growth Dynamics Databook” from Research and Markets.

This would put the value of the Italian NFT market around $671 million.

Also, over the next five years, the NFT industry in Italy is expected to grow at a steady rate of 34.6% per year. By 2028, NFTs are expected to be worth $3.6 billion in terms of how much they are spent.

According to the report, the country’s success with NFTs is partly due to its strong arts and culture scene. Luxury fashion brands from Italy, like Gucci and Dolce & Gabbana, have been some of the first to use Web3 technologies.

They were not only new for Italy, but also for the fashion industry as a whole. Dolce & Gabbana’s NFTs brought in $25.6 million in sales last year, while Gucci’s NFTs brought in $11.5 million.

Through digital events and wearables, many of which used NFTs, these brands also led projects to bring their communities into the metaverse.

Italy is getting more attention from the NFT for more than just its fashion brands. There have been some Web3-related events in the country’s long and rich cultural history.

The Arco della Pace, or Arc of Peace, in Milan, Italy, was the first subject of an NFT project called the Monuverse. This project is preserving historical sites through digital assets, and the first site it worked on was the Arco della Pace.

Italian NFT artists even have their own management group, called “crypto renaissance,” which takes its name from the time when Italy became a leader in art during the Renaissance.

At the same time, the crypto industry in Italy is also becoming more active. The blockchain developer Algorand just announced that banks and insurance guarantee platforms in Italy will use its technology to help them. In November, Gemini got the go-ahead to do business in Italy.

On December 1, however, Italy released its budget for the next year, which showed that crypto profits will be subject to a new 26% capital gains tax in the coming year.

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The post Italy to create the crypto art Renaissance appeared first on NFT News Pro.



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