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NFT and art: a positive development prospect for some countries

Crescita – Italy would be a fertile ground for the growth of non-fungible tokens. Prospects for the development of industry in the country are optimistic. Thanks to numerous initiatives, the cradle of the Renaissance could play a major role in the artistic and cultural innovation that NFTs are driving.

NFT in Italy: No Slowdown During Crypto Winter, Long-Term Growth Expected

According to one study from TechInsight360, the NFT industry in Italy should know 47% growth on an annual basis in 2022, to weigh in at $671.4 million this year. Despite bear markets and the collapse of monthly trading volumes on the main NFT platforms, the sector would therefore be on the upward slope in Italy.

The TechInsight360 study also projects a compound annual growth rate of 34.6% for the period 2022 – 2028. The amount of NFT-related spending in Italy would reach $3,633.5 million in 2028, compared to $671.4 million in 2022.

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Italian art and luxury for the benefit of NFT: a look back at some key events in the sector

This optimistic outlook is based on and illustrates the dynamism of the Italian artistic and cultural scene, in the NFT industry. The research report clarifies that NFTs have become “mainstream” for young Italian artists, who exchange non-fungible tokens linked to their works, on Ethereum (ETH).

The study returns in particular to the first auction of crypto arts in Italy, which the Cambi house organized in July 2021, and which would have shown that “ NFTs were here to stay ” in the country.

Besides this artistic exposure, the report also cites NFT-related creations by Italian artists, which have sold in the tens or hundreds of thousands of dollars. The NFT work of Federico Clapis thus found a buyer for approximately 44.7ETHagainst 185 ETH for that of hackatao.

But the growth of NFTs in Italy is also fueled by the dive of major fashion brands, such as Diesel we Dolce & Gabbana, in industry. In April this year, Dolce & Gabbana collaborated with the NFT UNXD marketplace and the project InBetweenersto launch a new NFT collection of 4,835 “unrevealed” boxes, called DGFamy box.

Art and fashion are not the only sectors fueling the growth of NFTs in Italy. Italian football also features in the list of industry pioneers, with clubs in the country that have embarked on the NFT adventure.

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