Dublin, Dec. 26, 2022 (GLOBE NEWSWIRE) — The “Italy NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added ResearchAndMarkets.com’s Offering.
The NFT industry in Italy is expected to grow by 47.6% YoY to reach USD 671.4 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 34.6% during 2022-2028. The NFT use value in the country will increase from USD 671.4 million in 2022 to reach USD 3633.5 million by 2028.
The rise of NFTs in Italy went mainstream, with young Italian digital artists trading their works online with Ethereum. In July 2021, Cambi Auction House hosted the first crypto art auction in Italy. The collection titled Dystopian Visions, curated by the director and co-founder of the Museum of Contemporary Digital Art (MoCDA), features Italian artists who sell their artworks in digital format, or NFTs.
This auction signaled that NFTs were here to stay in Italy. The bold and unconventional designs created by contemporary artists who know that selling NFTs of their artwork will help them create art that is alive and help them connect with the viewer. In addition, these NFTs are becoming a source of income for these artists.
Italy, a pioneer in the generation of NFT artists, witnessed strong adoption of digital crypto art and NFTs, helping the country earn the title of the “Crypto Art Renaissance.” Furthermore, Italy has ranked third globally for total gross sales in the NFT main market TremendousRare.
Therefore, the publisher expects that more Italian artists will enter the NFT arena with innovative works in the longer term, earn significant income and capture the market.
Future prospects
Since the NFTs have revolutionized digital artworks that bring security to the market, investors are attracted to Italy’s unique and inimitable digital realm. This has created real opportunities in Italy, referred to as possibly a “new renaissance era” for Italian artists. Italian NFT artist Federico Clapis’ work was bought for around 44.7 ETH ($180,000 USD), while Hackatao’s had fetched nearly 185 ETH ($575,000 USD). Another, Milan-based DotPigeon, had bought USD 250,000 worth of NFTs on Nifty Gateway. Therefore, the publisher expects that more such artists will enter the NFT area and generate income in the long term in the country.
In March 2022, an Italian clothing brand, Diesel, entered the market with an NFT collection, D:VERSE, unique runway pieces and Metaverse wearables. The collection has only one symbol, with a unique physical and digital showpiece. In addition, it offers a special admission ticket to the next In Real Life Diesel Runway Show.
Through this NFT, users can access unique runway showpieces, limited edition garments, sneakers and accessories and much more. Not the Italian fashion brands, to attract NFT fans and enthusiasts, various other sectors are diving into this area to make money.
A country that saw early adoption of NFT in 2018, well ahead of the global market, the publisher expects to witness a wide range of meta-projects, collaborations and initiatives between Metaverse and live events, NFTs and the concrete world, during the next three to four years in the country.
Italian luxury fashion houses earn significant income from the sale of their NFTs
With the growing hype of NFTs, fashion brands are building partnerships with NFT platforms to launch digital fashion NFTs including apparel, shoes, jewelry, accessories and many more. These unique collectives are bought by fans, collectors and enthusiasts, as these brands witness growth in their business.
In September 2021, Dolce & Gabbana, an Italian luxury fashion house, launched a group of nine NFTs called Collezione Genesi on the NFT market, UNXD.
These NFTs, which feature illustrations and digital art of Dolce and Gabbana’s garments, can be worn in a hypothetical Metaverse. In particular, these NFTs were minted on layer 1 Ethereum and were auctioned on the Polygon network.
Through the auction, “The Doge Crown” NFT fetched the largest amount of approximately $1.3 million at current prices, while “The Glass Suit” NFT fetched nearly $1 million. At the same time, each version of “Dress from a Dream” fetched more than US$500,000.
People who won the auction received the NFT and the physical versions of the items. In addition, the winners will also gain access to Dolce & Gabbana events in the future.
Italian luxury fashion houses partner with NFT platforms to launch a brand new NFT collection
In April 2022, following the successful launch of Collezione Genesi, Italian luxury fashion house Dolce & Gabbana joined forces with UNXD, the NFT marketplace, and InBetweeners, a unique collection of collectibles stored on a blockchain, to launch a brand new NFT collection in the Italian market.
The new NFT collection of 4,835 ‘unrevealed’ boxes, called DGFamily boxes, is feature-sharing membership to access the unique Dolce & Gabbana universe. In addition, the members of the DGFamily will receive unique digital, bodily and experiential privileges within the Metaverse.
Non-profit NGOs introduce VR and NFT initiatives in Rome in collaboration with leading Metaverse developers
With the growing popularity of NFTs, non-profit NGOs are entering into strategic public-private partnerships with Metaverse platforms to identify and remove obstacles to human flourishing.
In March 2022, Humanity 2.0, a Rome-based non-profit NGO, in collaboration with the Holy See (Vatican), signed a strategic public-private partnership with a Metaverse developer, Sensorium, which uses the latest AI, VR and NFT.
Key topics covered:
1 About this report
2 Italy NFT market size and future growth dynamics by key indicators
2.1 Italy NFT – Total Sales Consumption Value Analysis, 2019-2028
2.2 Italy NFT – Total Sales Consumption Volume Analysis, 2019-2028
2.3 Italy NFT – average value per transaction Trend analysis, 2019–2028
3 Italy NFT Key Market Insight and Innovation
3.1 Consumer behaviour
3.2 Competitive landscape and growth strategies
3.3 Regulatory trends
4 Italy NFT Market Size and Forecast by Key Asset
4.1 Italy NFT market share by key asset (%), 2021 vs. 2028
4.2 Italy NFT collectibles and art trend analysis, 2019–2028
4.3 Italy NFT real estate trend analysis, 2019–2028
4.4 Italy NFT Sports Trend Analysis, 2019-2028
4.5 Italy NFT Gaming Trend Analysis, 2019-2028
4.6 Italy NFT Utility Trend Analysis, 2019–2028
4.7 Italy NFT Fashion and Luxury Trend Analysis, 2019-2028
4.8 Italy NFT Trend analysis for other assets, 2019–2028
5 Italy NFT Collectibles and Art Market Size and Forecast by Key Asset
5.1 Italy NFT collectibles and art market share by key asset (%), 2021 vs. 2028
5.2 Italy NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019-2028
5.3 Italy NFT Collectibles and Art – Music and Audio Clips Consumption Value Trend Analysis, 2019-2028
5.4 Italy NFT Collectibles and Art – Video Consumption Value Trend Analysis, 2019-2028
5.5 Italy NFT Collectibles and Art – Memes and GIF Consumption Value Trend Analysis, 2019-2028
5.6 Italy NFT Collectibles and Art – Analysis of Value Development for Other Assets, 2019-2028
6 Italy NFT Market Size and Forecast by Currency
6.1 Italy NFT market share by currency (%), 2021 vs. 2028
6.2 Italy NFT Currency Ethereum – Consumption Value Trend Analysis, 2019-2028
6.3 Italy NFT Currency Solana – Spend Value Trend Analysis, 2019-2028
6.4 Italy NFT Currency Avalanche – Spend Value Trend Analysis, 2019–2028
6.5 Italy NFT Currency Polygon – Consumption Value Trend Analysis, 2019-2028
6.6 Italy NFT Currency BSC – Spend Value Trend Analysis, 2019–2028
6.7 Italy NFT Currency Flow – Consumption Value Trend Analysis, 2019-2028
6.8 Italy NFT Currency WAX – Spend Value Trend Analysis, 2019–2028
6.9 Italy NFT Currency Ronin – Spend Value Trend Analysis, 2019 – 2028
6.10 Italy NFT Other Currencies – Consumption Value Trend Analysis, 2019-2028
7 Italy NFT Market Size and Forecast by Key Sales Channels
7.1 Italy NFT Market Share by Key Sales Channels (%), 2021 vs. 2028
7.2 Italy NFT Primary Market – Spend Value Trend Analysis, 2019-2028
7.3 Italy NFT Secondary Market – Spend Value Trend Analysis, 2019-2028
8 Italy Internet user statistics and population, 2019–2028
8.1 Italy Internet User Trends Analysis, 2019-2028
8.2 Italy Internet Penetration Rate, 2019-2028
8.3 Italy adult population trend analysis, 2019–2028
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