Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is projected to have a growth of 47.6% in its NFT market by the end of 2022. This would make the Italian NFT market hover around a $671 million valuation.
Moreover, over the next five years, Italy’s NFT industry is forecasted to have a steady upward compound annual growth rate of 34.6%. The spending value for NFTs is anticipated to hit $3.6 billion by 2028.
According to the report, some of the country’s success with NFTs comes from its vibrant art and culture. Major Italian luxury fashion brands such as Gucci and Dolce & Gabbana, have been some leaders in the adoption of Web3 technologies in the industry.
Meanwhile, the general atmosphere of the crypto industry in Italy is also picking up. Recently, the blockchain developer Algorand will use its technology to help support banks and insurance guarantee platforms in Italy. In November, Gemini received the green light to operate in Italy.
