Italy NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels - Q2 2022

Italy NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels - Q2 2022

Report Description

According to TechInsight360’s Q2 2022 NFT Survey, 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, TechInsight360 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, TechInsight360 anticipates more such artists to enter the NFT space and generate revenue over the long run in the country.

In March 2022, an Italian clothing brand, Diesel, entered the market with an NFT collection, D:VERSE, unique runway garments, and Metaverse wearables. The collection has only one token, with a unique physical and digital showpiece. Additionally, it offers a special access pass for the next In Real Life Diesel Runway Show. Through this NFT, the users can access unique runway showpieces, limited edition garments, sneakers and accessories, and many more. Not the Italian fashion brands, to attract the NFT fans and enthusiasts, various other sectors are diving into this space to earn revenue. A country that saw early adoption of NFT in 2018, much before the global market, TechInsight360 expects to witness long series of meta-projects, collaborations, and initiatives between Metaverse and live events, NFTs, and the tangible world, over the next three to four years in the country.

Italian luxury fashion houses are earning substantial revenue from the sale of their NFTs

With the increasing hype of NFTs, fashion brands are building partnerships with NFT platforms to launch digital fashion NFTs, including clothing, shoes, jewelry, accessories, and many more. These unique collectives are bought by fans, collectors, and enthusiasts, for which these brands are witnessing growth in their business. For instance,
• In September 2021, Dolce & Gabbana, an Italian luxury fashion house, launched a group of nine NFTs called Collezione Genesi on the NFT marketplace, UNXD.
• These NFTs, which depict illustrations and digital art of Dolce and Gabbana's garments, are wearable in a hypothetical Metaverse. Notably, these NFTs were minted on layer 1 Ethereum and were auctioned in the Polygon network.
• Through the auction, ""The Doge Crown"" NFT fetched the largest amount of roughly US$1.3 million at current prices, while ""The Glass Suit"" NFT fetched nearly US$1 million. At the same time, each version of the ""Dress from a Dream"" fetched more than US$500,000.
• People winning the auction received the NFT and the physical versions of the items. Additionally, the winners will also get access to Dolce & Gabbana events in the future.
Italian luxury fashion houses are entering into a partnership with NFT platforms to launch a brand new NFT collection
• In April 2022, after the successful launch of Collezione Genesi, Italian luxury fashion house Dolce & Gabbana partnered with UNXD, the NFT marketplace, and InBetweeners, a unique collection of collectibles stored on a blockchain, to launch a brand new NFT collection in the Italian market.
• The new NFT collection of 4835 'unrevealed' boxes, called DGFamily boxes, are function tiered membership to access the unique Dolce & Gabbana universe. Additionally, the members of DGFamily would get unique digital, bodily, and experiential privileges within the Metaverse.

Non-Profit NGOs are introducing VR and NFT Initiatives in Rome in partnership with leading Metaverse developers
With the rising popularity of NFTs, non-profit NGOs are entering into strategic public-private partnerships with Metaverse platforms to identify and abolish impediments to human flourishing. For instance,
• In March 2022, Humanity 2.0, a Rome-based non-profit NGO, in collaboration with the Holy See (Vatican), signed a strategic public-private partnership with a Metaverse developer, Sensorium, that uses the latest AI, VR, and NFT.

Scope

This report provides in-depth, data-centric analysis of NFT Market in Italy and below is the summary of key market segments:

Italy NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

• Italy NFT Market Size and Forecast by Key Assets, 2019-2028
Collectibles and Art
Real Estate
Sports
Gaming
Utility
Fashion & Luxury
Other

• Italy NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
Digital Art
Music & Sound Clip
Videos
Memes & Gif
Other

• Italy NFT Market Size and Forecast by Currency, 2019-2028
Ethereum
Solana
Avalanche
Polygon
BSC
Flow
Wax
Ronin
Other

• Italy NFT Market Size and Forecast by Sales Channels, 2019-2028
Primary
Secondary

• Italy User Statistics, 2019-2028

Reasons to buy

• Based on data and analysis, develop country-level strategies.
• Identify investment opportunities in growth segments.
• Exceed competition by incorporating forecast data as well as market trends.
• Use the relationships between major data sets with valuable insights to improve strategy.
• Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.