Italy is one of the cultural centers of Europe with centuries of history, art and culture. Now, it is also poised to create a renaissance in the art of cryptocurrency with its non-fungible token (NFT) market, according to a new report.
Data from the book "Italian NFT Market Information and Dynamics of Future Growth" by Research and Market shows that the NFT market in the country will grow by 47.6% by the end of 2022.
This would value the Italian NFT market at $671 million.
Additionally, the Italian NFT industry is expected to grow steadily at a compound annual growth rate of 34.6% over the next five years. NFT spending is expected to reach $3.6 billion by 2028.
Part of the country's NFT success is said to come from its vibrant arts and culture scene. Italian luxury fashion brands such as Gucci and Dolce & Gabbana are among the industry leaders in implementing Web3 technology.
It was a novelty not only for Italy, but for the whole fashion industry. Last year, Dolce & Gabbana earned $25.6 million from NFTs and Gucci earned $11.5 million.
These brands have spearheaded initiatives to bring their communities into the metaverse through digital events and wearables, many of which include NFTs.
Fashion brands aren't the only force keeping Italy in the NFT spotlight. The country's rich cultural history has also seen some Web3-related activities.
Manuvers, an NFT project that preserves historic sites through digital assets, first used the Arco della Pace, or Arch of Peace, in Milan, Italy, as a theme.
Italian artists even have their own management company to help Italian NFT artists called "Crypto Renaissance", reflecting the country's emergence as an industry leader during the Renaissance.
Related: What is an NFT whitelist and how do I join it?
Meanwhile, the atmosphere of the cryptocurrency industry in Italy is also emerging. Recently, blockchain developer Algorand will use its technology to help bancassurance and insurance platforms in Italy. In November, Gemini got the green light to work in Italy.
However, on December 1, Italy released its budget document for the coming year, revealing a new 26% capital gains tax on cryptocurrency income next year.