Italy to create crypto art Renaissance, says NFT market report
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, as reported by Cointelegraph.
According to information from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook,” the country’s NFT market is anticipated to grow by 47.6% by the end of 2022.
Cointelegraph noted that 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, Cointelegraph informed.
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.
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, Cointelegraph further noted.
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.
(With insights from Cointelegraph)
