Italy is projected to have a 47.6% growth in its non-fungible token (NFT) market by the end of 2022, according to a report by Research and Markets.
This would give the Italian NFT market a valuation of around $671 million and a compound annual growth rate of 34.6% over the next five years, with a spending value of $3.6 billion by 2028.
The report attributes Italy’s success in the NFT market to its vibrant art and culture scene, with major luxury fashion brands such as Gucci and Dolce & Gabbana leading the adoption of Web3 technologies and generating significant revenue from NFTs.
The country’s rich cultural history is also being preserved through NFT projects like the Monuverse, which uses digital assets to document historical sites, and the “crypto renaissance” organization for Italian NFT artists.
