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Italy is set to be a key hub for the non-fungible tokens in Europe due to its historical landmarks, creating real-world opportunities for Italian artists to launch a crypto art Renaissance, a new report showed.



According to Data from Research and Market’s “<a href="https://www.researchandmarkets.com/reports/5636034/italy-nft-market-intelligence-and-future-growth?utm_source=GNOM&amp;utm_medium=PressRelease&amp;utm_code=6qc6mb&amp;utm_campaign=1800131+-+Italy+NFT+Market+Intelligence+and+Future+Growth+Dynamics+Databook+Report+2022%3a+50%2b+KPIs+on+NFT+Investments+by+Key+Assets%2c+Currency%2c+Sales+Channels+2019-2028&amp;utm_exec=chdo54prd" target="_blank" rel="noreferrer noopener">Italy NFT Market Intelligence and Future Growth Dynamics Databook</a>”, Italy is expected to see growth in the NFTs by 47.6% by the end of this year. This figure will boost the value of the Italian NFT market to reach $671 million.



The report also predicted that the Italian NFT industry would continue to grow steadily, with a compound annual growth rate of 34.6% in the coming five years, adding the spending value for NFTs is forecasted to record $3.6 billion by 2028.



It attributed the success of the Italian NFT industry to the country&#8217;s astonishing cultural and artistic sites and the adaption of well-known Italian luxury fashion brands and automobile manufacturers of Web 3.0 technologies, like Dolce &amp; Gabbana, Gucci, and Lamborghini. According to the report, Dolce &amp; Gabbana earned revenues worth $25.6 million from the NFTs, while Gucci generated $11.5 million.



In October, Lamborghini released its NFT collection under the theme &#8220;The Epic Road Trip&#8221; which is expected to run until March 2023. These brands, in addition to FIAT, launched initiatives to join the metaverse to bring their consumers to the virtual world.



The report also pointed to an NFT project called the Monuverse. The Monuverse is an Italy-based project aiming at the world&#8217;s most iconic monuments via digital assets in cooperation with the Office of Cultural Heritage in Milan. They started using the Arco Della Pace as its first subject.



Moreover, the report mentioned the values of some Italian NFT artworks, saying: &#8220;NFT artist Federico Clapis&#8217;s work was bought for around 44.7 ETH ($180,000), whereas Hackatao&#8217;s had fetched nearly 185ETH ($575,000).&#8221;

Italian Art

Italy To Create Crypto Art Renaissance in Europe, with Expected Value of $671 Mln

As they are getting more prominent in Europe, including Germany, Italy, the United Kingdom, and France, the NFT market in Europe saw a remarkable growth recently.&nbsp;



A report named &#8220;<a href="https://www.researchandmarkets.com/reports/5636045/europe-nft-market-intelligence-and-future-growth?utm_source=BW&amp;utm_medium=PressRelease&amp;utm_code=mj543s&amp;utm_campaign=1773261+-+European+NFT+Market+and+Future+Growth+Opportunities+2022-2028%3a+UK+Sees+NFT+Platform+Allowing+Social+Media+Users+to+Connect+Profiles+to+Blockchain+and+Create+NFTs&amp;utm_exec=cari18prd" target="_blank" rel="noreferrer noopener">The Europe NFT Market Intelligence and Future Growth Dynamics Databook</a>&#8220;, issued by the world&#8217;s largest&nbsp;market research&nbsp;store, Market and Research, said the NFT industry in Europe is predicted to increase by 46.8% on annual basis to register $13353.4 million in 2022.&nbsp;



From 2022 to 2028, Europe&#8217;s NFT industry is expected to hit compound annual growth of 33.4%, while the NFT spend value in the continent will continue to grow to hit $13353.4 million in 2022 to reach $68558.5 million by 2028.



In the UK, the government&#8217;s notable support for the development of the NFT industry proves the high potential of the NFT market in the country. The report forecast that the NFT industry in the UK would see strong growth in the coming three to five years.&nbsp;



It pointed to the role played by the venture capital firms in the acquisition of a major share of the NFTs in the UK, as they are increasing their stakes in the NFTs start-ups in the UK.&nbsp;



&#8220;NFT startups are creating innovative products which allow social media users to create NFTs and monetize their content,&#8221; the report noted.&nbsp;



While in Germany, NFTs have multi proposes as they are used in virtual lands in virtual worlds, game characters, digital trading cards, or crypto art. Germany topped the world&#8217;s countries as the most crypto-friendly country as it adopted blockchain technology to boost digital transformation.&nbsp;



Therefore the country became an attractive hub for developing Web 3.0, NFT, metaverse, and blockchain applications. Germany is now one of the leading countries regarding crypto investments, so the report predicted that the country would witness substantial growth in the next three to four years.&nbsp;



France also sees a similar trend where start-ups enter the NFT world to drive customer engagement. These start-ups and their NFT trading platforms facilitate the process for the public to buy and sell their digital collectibles in the country.&nbsp;



The report pointed out that NFT popularity in France remarkably increased over the past 12 months, attributing this surge to the growing number of celebrities who enter the NFT world as a main reason in addition to the auction houses&#8217; interest to hold bids in the virtual space.&nbsp;

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