By
Chimamanda U. Martha
April 17th, 2024
The NFT buzz went beyond the art industry to reach the Italian fashion space.
Italy is reportedly looking to develop the crypto art renaissance through its non-fungible token (NFT) market. As one of the cultural hubs in Europe, the country is grounded in culture, history, and art. Citing Q2 2022 NFT Survey, data from Research and Markets “Italy NFT Market Intelligence and Future Growth Dynamics Databook” states the expected growth for the NFT market. Data projected the industry to surge 47.6% on an annual basis. With this projection, the NFT market in Italy will be worth $671 million.
Italy NFT Market Projection
In addition, the market is expected to continue to grow from now till 2028 at a compound annual growth rate of 34.6%. Also, the NFT Spend Value is forecasted to increase from its current level of $671.4 million. The spending value is expected to rise from its current state in 2022 to $3633.5 million by 2028. The report acknowledges young digital artists in Italy for the growth of NFTs in the country. Cambi Auction House hosted the first crypto art auction in Italy in July 2021, where Italian artists sold their artworks as NFTs. The sale signified that NFTs had a place and a bright future in Italy. Also, the country saw an exponential expansion in digital crypto arts and NFTs adoption resulting in its “crypto art Renaissance” title. The achievement resulted in its third global position for total gross sales in the main NFT market TremendousRare.
Italy’s ability to bring security to arts via NFTs has attracted investors to the revolutionized digital artwork market. Federico Clapis sold his work for about 44.7 ETH ($180,00), while Hackatao sold his for around 185 ETH ($575,000).
Italian Fashion Industry Embraces NFT
The NFT buzz went beyond the art industry to reach the Italian fashion space. While Gucci has raised $11.5 million from NFTs over the past year, Dolce & Gabbana has secured about $25.6 million. D&G rolled out Collezione Genesi, a group of one NFTs. The NFTs were launched on UNXD. Italian fashion brands are continuously partnering with NFT platforms to launch fashion NFTs. These luxury fashion houses release clothes, shoes, jewelry, accessories, and other unique items. Notably, these brands continue to see growth in their businesses as fans, collectors, and other interested buyers continue to amass the digital arts.
However, Italy is imposing a 26% capital gains tax on crypto profits of more than 2,000 euros ($2,062.) This is in line with the country’s effort to tighten digital currency regulations in 2023. Taxpayers can declare the value of all their digital assets holdings as of January 1st and pay a 14% tax if the proposed bill is signed into law.