Italy’s NFT market goes wild, forecast upwards to 2028
NFT buzz went beyond the art industry to reach the Italian fashion space.
Italy is reportedly looking to develop the crypto-art renaissance through its non-fungible token (NFT) market. As one of the cultural hubs in Europe, the country is rooted in culture, history and art. Referring to the Q2 2022 NFT Survey, data from Research and Markets “Italy NFT Market Intelligence and Future Growth Dynamics Databook” indicates the expected growth of the NFT market. Data estimates that the industry will increase by 47.6% on an annual basis. With this estimate, the NFT market in Italy will be worth 671 million dollars.
Italy NFT Market Forecast
Additionally, the market is expected to continue growing from now to 2028 at a compound annual growth rate of 34.6%. Also, the NFT spend value is projected to increase from the current level of $671.4 million. The spending value is expected to rise from its current state in 2022 to $3,633.5 million by 2028. The report recognizes young digital artists in Italy for the growth of NFTs in the country. Cambi Auction House hosted the first crypto art auction in Italy in July 2021, where Italian artists sold their artworks as NFTs. The sale meant that NFTs had a place and a bright future in Italy. The country also saw an exponential expansion in digital crypto-art and NFT adoption, resulting in the title “crypto-art renaissance”. The performance resulted in the third global position for total gross sales in the NFT main market EnormeRare.
Italy’s ability to bring security to art via NFTs has attracted investors to the revolutionized digital artwork market. Federico Clapis sold his work for around 44.7 ETH ($180.00), while Hackatao sold his for around 185 ETH ($575,000).
Italian fashion industry embraces NFT
NFT buzz went beyond the art industry to reach the Italian fashion space. While Gucci has raised $11.5 million from NFTs in the past year, Dolce & Gabbana has secured around $25.6 million. D&G rolled out Collezione Genesi, a group with one NFT. The NFTs were launched at UNXD. Italian fashion brands continuously collaborate with NFT platforms to launch fashion NFT. These luxury fashion houses launch clothing, shoes, jewelry, accessories and other unique items. In particular, these brands continue to see growth in their businesses as fans, collectors and other interested buyers continue to collect the digital art.
However, Italy imposes a 26% capital gains tax on crypto profits of more than 2,000 euros ($2,062.) This is in line with the country’s efforts to tighten digital currency rules by 2023. Taxpayers can declare the value of all their holdings of digital assets from Jan. 1 and pay a 14% tax if the proposed bill is signed into law.
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Ibukun is a crypto/financial writer interested in providing relevant information, using non-complex words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos, where she lives.
