Italy Advances as a Major Hub for Crypto Arts

With brands, retailers, and countries experimenting with how to incorporate Non-fungible tokens (NFTs), the nascent space continues to enjoy patronage. Italy, known for its love for art and culture, is now on the move to create its crypto art using its Non-Fungible Token (NFT) market.

According to a report, Italy’s increased adoption of digital crypto art has earned the country the title “crypto art Renaissance”. Additionally, the country ranks third globally for gross sales in the NFT market space and aims to take over the market.

The New Renaissance Era for artists in Italy has brought about opportunities and security to the market space as its uniqueness is admired by investors.

Following all these achievements, data from Italy’s NFT Market Intelligence and Future Growth Dynamics Databook revealed that the country is set to experience tremendous growth of about 47.6% in its NFT world by the end of 2022. 

With this growth, it is expected that the country’s NFT industry would have grown speedily in the next five years. Hence, at the end of 2028, the country’s NFT spending unit is expected to be around $3.6 billion.

Italy and the Crypto Industry

Italy which happens to be one of the cultural hubs of Europe is standing strong when it comes to the crypto industry at large. In July, Coinbase Exchange gained a license to operate in Italy making it rank as one of the first crypto service providers to meet the set of criteria outlined by the Italian regulator, the Organismo Agenti e Mediatori (OAM). 

Also, as reported by The CoinRise early this month, Italy intends to impose a 26% capital gain tax on cryptocurrencies starting in 2023. The law which is yet to be approved is being considered alongside budget plans for 2023.

Fashion Brands Record Success With NFTs

Earlier in August, Tiffany & Co dived into the NFT ocean with the launch of its 250 customized NFT pendants for CryptoPunk NFT holders.

Aside from the launch of luxury brands into the NFT space, several others have started to accept crypto as payments like Gucci, and FARFETCH, amongst others.