Italy NFT Market Intelligence Report released.

 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.

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