Experts predict Italy will create a CryptoArt renaissance in the NFT sector. Essentially, it’s using its status as an arts and culture mecca with a rich artistic history to set its sights on an explosion of digital arts as NFTs continue to grow in the country.
According to data from “The NFT Survey for Q2 2022, Italy’s NFT industry is expected to grow by 47.6% on an annual basis, reaching $671.4 million in 2022.” Italy NFT Market Intelligence and Future Growth Dynamics DatabookFurthermore, research data predicts that the Italian NFT industry will experience steady upward growth over the next five years.
What is driving the growth of the Italian NFT market?
Several factors are driving NFT growth in Italy. Ultra-luxury fashion brands such as Gucci and Dolce & Gabbana are crucial to the expansion of the industry, according to the report. Earlier this year, Gucci pioneered several NFT collaborations, including the “Super Gucci NFT Collection.” Dolce & Gabbana also ventured into his exciting NFT projects, including the Collezione Genesi project featuring exclusive digital works. But the brand didn’t just release a collection, it spearheaded a digital event and created a metaverse community.
Additionally, numerous Italian artists have created NFT art and continue to move the industry forward. Artists form their own management organization, “Crypto Renaissance”, ‘support NFT artists. As a result, their mission is “to revive this value in the New Crypto Renaissance by using the digital world to empower Italian artists through NFTs.”
Ultimately, given Italy’s long and vibrant artistic contribution to the world, the country is undoubtedly leading the digital arts renaissance.
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Writer and author who likes to simplify the topic of blockchain technology.