In Italy, they decided to repeat the renaissance of crypto art with the help of the non-interchangeable tokens (NFT) market.

Data from the "Italian Handbook on NFT Market Analysis and Future Growth Dynamics" Research and Market suggests that by the end of 2022, the NFT market is projected to grow by 47.6% in the country. At the same time, its capacity will be approximately $ 671 million.

In addition, it is predicted that over the next five years, the NFT industry in Italy will show steady annual growth of 34.6%, and by 2028 its volume will reach $ 3.6 billion.

Success will be ensured by the rich culture of the country, and at the head of this movement will be the major Italian luxury fashion brands Gucci and Dolce & Gabbana, who have already become leaders in the introduction of Web3 technologies.

Over the past year, Dolce & Gabbana has received revenue from the sale of NFT in the amount of $ 25.6 million, Gucci — $ 11.5 million.

Considerable hopes are pinned on the Monuverse NFT project, which preserves historical sites with the help of digital assets. The first item in the collection was Arco della Pace or the Arch of Peace in Milan.

Italian artists have their own organization, Cryptorenessance, which helps Italian NFT artists to make the country a leader in a new field.

Note that the general state of the Italian crypto industry is improving. Recently, the blockchain developer Algorithand has started using its technology in Italy to support banks and insurance guarantee platforms. In November Gemini received the green light to work in Italy.