The non-fungible token (NFT) market in Italy could grow by 47.6% by the end of 2022. Moreover, it has the potential to increase by 34.6% annually over the next five years.
Analysts at Research and Market forecast Italy’s NFT market to grow by 47.6% by the end of 2022. According to their data, the market is expected to reach about $671 million. Furthermore, they report that the local NFT market could potentially grow by 34.6% annually over the next five years and reach $3.6 billion by 2028.
Analysts point to the activity of Italian luxury fashion brands in the NFT space as the main growth driver. The report cites Gucci ($25.6 million) and Dolce & Gabbana ($11.5 million) as examples of revenue from selling non-fungible tokens. Web3 initiatives by these brands were the most successful, including building communities in Metaverses, hosting virtual events, and selling digital clothing and accessories. All of these included the use of NFTs.
The digital art market is also active in Italy. For example, Italian artists teamed up in the “Crypto Renaissance” project, which aims to allow local talents to showcase their work to the world using NFTs.
In addition, there are other Web3 projects related to NFT being developed in Italy. For instance, the Monuverse project uses NFTs to preserve cultural heritage around the world. Arco della Pace in Milan is the first digitized site in this format. The popularity of NFTs during the year remained high, but trading volume dropped since January 1 by over 98%. In October alone, more than 40% of the NFT sales were fictitious deals.
