Italy Will Become Crypto Renaissance Through NFT Art and Fashion Products

Italy will become an art state of NFT. (photo: dock. Pixabay)

JAKARTA - Italy is known as a country that has high-value art items and is one of the cultural centers of Europe. Now a number of art items that are centuries old are also submitted to become Renaissance crypto art through the non-fungible token market (NFT).

Data from Research and Market “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is projected to have a growth of 47.6% in the NFT market by the end of 2022. This will bring the Italian NFT market to around a valuation of 671 million US dollars (IDR 10 trillion).

In addition, over the next five years, the Italian NFT industry is expected to have a steady compound annual growth rate of 34.6%. The value of spending on NFTs is expected to reach USD 3.6 billion (IDR 56.2 trillion) by 2028.

According to the report, some of the country's success with NFTs stems from its vibrant arts and culture. Major Italian luxury fashion brands such as Gucci and Dolce & Gabbana, have been leaders in implementing Web3 technology in the industry.

They not only represent innovation for Italy but throughout the fashion industry. Over the past year, Dolce & Gabbana generated USD 25.6 million in revenue from their NFTs, and Gucci USD 11.5 million (IDR 179.5 billion).

These brands are also leading initiatives to bring their communities into the metaverse through digital events and wearables, many of which incorporate NFTs.

Fashion brands aren't the only force pushing Italy into the NFT spotlight. The country's rich cultural history has also seen some Web3-related activity.

An NFT project called Monuverse, which preserves historical sites through digital assets, used the Arco della Pace, or Arc of Peace, in Milan, Italy, as its first subject.

Italian artists even have their own management organization to assist Italian NFT artists, called the "crypto renaissance", which harkens back to the country's emergence as an arts leader during the Renaissance period, several centuries ago.

Meanwhile, the general mood of the crypto industry in Italy has also improved. Recently, blockchain developer Algorand will use its technology to assist in supporting banks and insurance guarantee platforms in Italy. In November, Gemini received the green light to operate in Italy.

However, on December 1, Italy released its budget documents for the coming year which revealed a new 26% capital gains tax that will be imposed on crypto profits in the coming year.