December 26, 2022

Italy To Create Crypto Art Renaissance in Europe, with Expected Value of $671 Mln

Italian Art

Italian Art

Italy is set to be a key hub for the non-fungible tokens in Europe due to its historical landmarks, creating real-world opportunities for Italian artists to launch a crypto art Renaissance, a new report showed.

According to Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook”, Italy is expected to see growth in the NFTs by 47.6% by the end of this year. This figure will boost the value of the Italian NFT market to reach $671 million.

The report also predicted that the Italian NFT industry would continue to grow steadily, with a compound annual growth rate of 34.6% in the coming five years, adding the spending value for NFTs is forecasted to record $3.6 billion by 2028.

It attributed the success of the Italian NFT industry to the country’s astonishing cultural and artistic sites and the adaption of well-known Italian luxury fashion brands and automobile manufacturers of Web 3.0 technologies, like Dolce & Gabbana, Gucci, and Lamborghini. According to the report, Dolce & Gabbana earned revenues worth $25.6 million from the NFTs, while Gucci generated $11.5 million.

In October, Lamborghini released its NFT collection under the theme “The Epic Road Trip” which is expected to run until March 2023. These brands, in addition to FIAT, launched initiatives to join the metaverse to bring their consumers to the virtual world.

The report also pointed to an NFT project called the Monuverse. The Monuverse is an Italy-based project aiming at the world’s most iconic monuments via digital assets in cooperation with the Office of Cultural Heritage in Milan. They started using the Arco Della Pace as its first subject.

Moreover, the report mentioned the values of some Italian NFT artworks, saying: “NFT artist Federico Clapis’s work was bought for around 44.7 ETH ($180,000), whereas Hackatao’s had fetched nearly 185ETH ($575,000).”

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