Research and Markets’ (R&M) “Italy NFT Market Intelligence and Future Growth Dynamics Databook” report shows a spike in NFT popularity.
The Italian NFT market is expected to expand at a steady 34.6% CAGR over the next five years, per R&M projections. By 2028, R&M expects Italy’s NFT Spend Value will total $3633.5 million (or $3.6 billion).
Europe’s cultural hub, Italy’s NFT sector is projected by R&M to increase 47.6% annually to reach $671.4 million in 2022.
Italy is seeing a widespread use of digital crypto art and NFTs, also via the artist assisting organization, “Crypto Art Renaissance.” In addition, Italy stands third globally for overall gross sales in TremendousRare, the primary NFT market.
Notably, Federico Clapis, an Italian NFT artist, just sold his artwork for about 44.7 ETH ($180,000). Also, Hackatao’s NFT sold for almost 185 ETH ($575,000).
Fashion labels are forming alliances with NFT platforms in response to the growing buzz surrounding NFTs. The underlying objective is to introduce a variety of digital fashion NFTs, such as apparel, accessories, jewelry, and more.
Fans, collectors, and enthusiasts purchase these unique NFTs, which is why the sales of these brands are increasing. To locate and remove barriers to human well-being, non-profit NGOs are forming strategic collaborations with Metaverse platforms, as NFTs are gaining popularity.
Prominent Italian brands, like Dolce & Gabbana, Gucci, Diesel, etc. are already flourishing in the NFT market. This signals the widespread adoption of digital collectibles and simultaneously engaging its customers with the latest technologies.
In 2021, Dolce & Gabbana and Gucci reaped $25.6 million and $11.5 million, respectively, from their NFTs. It is anticipated that over the next three to four years, a number of meta-projects, partnerships, and initiatives, would take place in Italy.
Over time, the community expects more Italian artists will enter the NFT space with creative works, to dominate the industry. NFT artists are already seeing huge success in Italy, amassing massive sales for their artworks.
