Experts have predicted that Italy will create a CryptoArt Renaissance within the NFT sphere. Essentially, drawing on its status as an art and culture mecca with a rich artistic history to sets its sights on a digital art explosion as NFT growth within the country continues.
“According to the Q2 2022 NFT Survey, NFT industry in Italy is expected to grow by 47.6% on an annual basis to reach US$671.4 million in 2022.” Per Data from Italy NFT Market Intelligence and Future Growth Dynamics Databook. Furthermore, the survey data forecasts Italy’s NFT industry to see steady, upward growth over the next five years.
What’s causing the Italian NFT market growth?
Several factors drive NFT growth in Italy. According to the report, mega luxury fashion brands like Gucci and Dolce & Gabbana are pivotal to the industry expansion. Earlier this year, Gucci pioneered several NFT collaborations, including the ‘SuperGucci NFT collection’. Also, Dolce & Gabbana ventured into exciting NFT projects, such as the Collezione Genesi project featuring exclusive digital pieces. But the brands didn’t only release collections, they also spearheaded digital events and created Metaverse communities.
Furthermore, scores of Italian artists create NFT art and continue to drive the industry forward. Artists have even formed their own management organization, named ‘Crypto Renaissance,’ to aid NFT artists. As a result, their mission is “to bring this value back to life with the New Crypto Renaissance, by using the digital world to empower Italian artists through NFTs.”
Ultimately, when we consider Italy’s long and vibrant artistic contributions to the world, it’s fitting the country is leading a digital art renaissance.
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