Dublin, Dec. 26, 2022 (GLOBE NEWSWIRE) — The “Italy NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s offering.
NFT industry in Italy is expected to grow by 47.6% on an annual basis to reach US$671.4 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 34.6% during 2022-2028. The NFT Spend Value in the country will increase from US$671.4 million in 2022 to reach US$3633.5 million by 2028.
The emergence of NFTs in Italy became mainstream, with young Italian digital artists trading their works online with Ethereum. In July 2021, Cambi Auction House hosted the first crypto art auction in Italy. The collection entitled Dystopian Visions, curated by the Director and Co-Founder of the Museum of Contemporary Digital Art (MoCDA), features Italian artists selling their artwork in digital format, or NFTs.
This auction signaled that NFTs were there to stay in Italy. The bold and unconventional designs created by contemporary artists who know that selling NFTs of their artwork will help them create art that is alive and help them connect with the viewer. Additionally, these NFTs are becoming a source of income generation for these artists.
Italy, a pioneer in generating NFT artists, witnessed strong adoption of digital crypto art and NFTs, helping the country get the title of “crypto art Renaissance.” Moreover, Italy has ranked third globally for total gross sales in the main NFT market TremendousRare.
Therefore, the publisher expects more Italian artists to enter the NFT arena with innovative works over the longer run, earning significant revenue and capturing the market.
Future Outlook
Since the NFTs have revolutionized digital artwork bringing security to the market, investors are attracted to Italy’s unique and unrepeatable digital realm. This has created real-world opportunities in Italy, referred to as possibly a “New Renaissance-Era” for Italian artists. Italian NFT artist Federico Clapis’s work was bought for around 44.7 ETH (US$180,000), whereas Hackatao’s had fetched nearly 185ETH ($575,000). Another, Milan-based DotPigeon, had bought NFTs for US$250,000 on Nifty Gateway. Therefore, the publisher anticipates more such artists to enter the NFT space and generate revenue over the long run in the country.
In March 2022, an Italian clothing brand, Diesel, entered the market with an NFT collection, D:VERSE, unique runway garments, and Metaverse wearables. The collection has only one token, with a unique physical and digital showpiece. Additionally, it offers a special access pass for the next In Real Life Diesel Runway Show.
Through this NFT, the users can access unique runway showpieces, limited edition garments, sneakers and accessories, and many more. Not the Italian fashion brands, to attract the NFT fans and enthusiasts, various other sectors are diving into this space to earn revenue.
A country that saw early adoption of NFT in 2018, much before the global market, the publisher expects to witness long series of meta-projects, collaborations, and initiatives between Metaverse and live events, NFTs, and the tangible world, over the next three to four years in the country.
Italian luxury fashion houses are earning substantial revenue from the sale of their NFTs
With the increasing hype of NFTs, fashion brands are building partnerships with NFT platforms to launch digital fashion NFTs, including clothing, shoes, jewelry, accessories, and many more. These unique collectives are bought by fans, collectors, and enthusiasts, for which these brands are witnessing growth in their business.
In September 2021, Dolce & Gabbana, an Italian luxury fashion house, launched a group of nine NFTs called Collezione Genesi on the NFT marketplace, UNXD.
These NFTs, which depict illustrations and digital art of Dolce and Gabbana’s garments, are wearable in a hypothetical Metaverse. Notably, these NFTs were minted on layer 1 Ethereum and were auctioned in the Polygon network.
Through the auction, “The Doge Crown” NFT fetched the largest amount of roughly US$1.3 million at current prices, while “The Glass Suit” NFT fetched nearly US$1 million. At the same time, each version of the “Dress from a Dream” fetched more than US$500,000.
People winning the auction received the NFT and the physical versions of the items. Additionally, the winners will also get access to Dolce & Gabbana events in the future.
Italian luxury fashion houses are entering into a partnership with NFT platforms to launch a brand new NFT collection
In April 2022, after the successful launch of Collezione Genesi, Italian luxury fashion house Dolce & Gabbana partnered with UNXD, the NFT marketplace, and InBetweeners, a unique collection of collectibles stored on a blockchain, to launch a brand new NFT collection in the Italian market.
The new NFT collection of 4835 ‘unrevealed’ boxes, called DGFamily boxes, are function tiered membership to access the unique Dolce & Gabbana universe. Additionally, the members of DGFamily would get unique digital, bodily, and experiential privileges within the Metaverse.
Non-Profit NGOs are introducing VR and NFT Initiatives in Rome in partnership with leading Metaverse developers
With the rising popularity of NFTs, non-profit NGOs are entering into strategic public-private partnerships with Metaverse platforms to identify and abolish impediments to human flourishing.
In March 2022, Humanity 2.0, a Rome-based non-profit NGO, in collaboration with the Holy See (Vatican), signed a strategic public-private partnership with a Metaverse developer, Sensorium, that uses the latest AI, VR, and NFT.
Key Topics Covered:
1 About this Report
2 Italy NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Italy NFT – Total Sales Spend Value Trend Analysis, 2019 – 2028
2.2 Italy NFT – Total Sales Spend Volume Trend Analysis, 2019 – 2028
2.3 Italy NFT – Average Value Per Transaction Trend Analysis, 2019 – 2028
3 Italy NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 Italy NFT Market Size and Forecast by Key Assets
4.1 Italy NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 Italy NFT Collectibles and Art Trend Analysis, 2019 – 2028
4.3 Italy NFT Real Estate Trend Analysis, 2019 – 2028
4.4 Italy NFT Sports Trend Analysis, 2019 – 2028
4.5 Italy NFT Gaming Trend Analysis, 2019 – 2028
4.6 Italy NFT Utility Trend Analysis, 2019 – 2028
4.7 Italy NFT Fashion and Luxury Trend Analysis, 2019 – 2028
4.8 Italy NFT Other Assets Trend Analysis, 2019 – 2028
5 Italy NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 Italy NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 Italy NFT Collectibles and Art – Digital Art Spend Value Trend Analysis, 2019 – 2028
5.3 Italy NFT Collectibles and Art – Music & Sound Clip Spend Value Trend Analysis, 2019 – 2028
5.4 Italy NFT Collectibles and Art – Videos Spend Value Trend Analysis, 2019 – 2028
5.5 Italy NFT Collectibles and Art – Memes & GIF Spend Value Trend Analysis, 2019 – 2028
5.6 Italy NFT Collectibles and Art – Other Assets Spend Value Trend Analysis, 2019 – 2028
6 Italy NFT Market Size and Forecast by Currency
6.1 Italy NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 Italy NFT Currency Ethereum – Spend Value Trend Analysis, 2019 – 2028
6.3 Italy NFT Currency Solana – Spend Value Trend Analysis, 2019 – 2028
6.4 Italy NFT Currency Avalanche – Spend Value Trend Analysis, 2019 – 2028
6.5 Italy NFT Currency Polygon – Spend Value Trend Analysis, 2019 – 2028
6.6 Italy NFT Currency BSC – Spend Value Trend Analysis, 2019 – 2028
6.7 Italy NFT Currency Flow – Spend Value Trend Analysis, 2019 – 2028
6.8 Italy NFT Currency WAX – Spend Value Trend Analysis, 2019 – 2028
6.9 Italy NFT Currency Ronin – Spend Value Trend Analysis, 2019 – 2028
6.10 Italy NFT Other Currencies – Spend Value Trend Analysis, 2019 – 2028
7 Italy NFT Market Size and Forecast by Key Sales Channels
7.1 Italy NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 Italy NFT Primary Market – Spend Value Trend Analysis, 2019 – 2028
7.3 Italy NFT Secondary Market – Spend Value Trend Analysis, 2019 – 2028
8 Italy User Statistics of Internet and Population, 2019 – 2028
8.1 Italy Internet Users Trend Analysis, 2019 – 2028
8.2 Italy Internet Penetration Rate, 2019 – 2028
8.3 Italy Adult Population Trend Analysis, 2019 – 2028
For more information about this report visit https://www.researchandmarkets.com/r/d2olvu
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