According to the Q2 2022 NFT Survey, the NFT sector in Italy is predicted to reach $671.4 million by the end of 2022.
The country has seen a lot of interest from new and established artists over the previous two years, with the first NFT auction taking place in 2021. The auction included a collection titled Dystopian Visions, which was organized by the Director and Co-Founder of the Museum of Contemporary Digital Art (MoCDA) and featured Italian artists selling their NFTs.
The auction heralded the start of a new age for digital art in Italy, earning the country the title of “crypto art Renaissance” and ranking the country third in overall gross sales in the primary NFT market TremendousRare.
Among the most expensive sales were NFTs by Italian artists Federico Clapis and Hackatao, which sold for $180,000 and $575,000 respectively.
In addition to single artists, big Italian brands, especially those in the fashion industry, are also embracing NFTs. Among the examples are Gucci, which, after partnering with Superplastic to create the “SuperGucci” NFT collection, has begun accepting cryptocurrency in its US store, and Dolce&Gabbana, which launched DGFamily box NFTs and then launched an NFT collection in collaboration with inBetweeners.
In terms of the future, the report predicts a “New Renaissance-Era” for Italian artists: a new method to earn and make art in the contemporary world, with a market size expected to rise even more in the coming years, potentially reaching $3,633.5 million by 2028.
