Data included in research entitled "Italy NFT Market Intelligence and Future Growth Dynamics Databook" says Italy's NFT market is set to increase by 47.6%, meaning the valuation of the Italian market would be approximately $671 million. Over the next five years, the annual growth market rate is predicted to be 34.6% with $3.6 billion spent on NFTs by 2028.
Major Italian fashion brands such as Gucci and Dolce and Gabbana have led the way in adoption of Web3 technologies, with Dolce and Gabbana generating $25.6 million and Gucci $11.5 million in NFT revenue. Fashion brands aren't the only reason Italy are set for success in the NFT market; an NFT project that uses digital assets to support the preservation of historical sites, Monuverse, has used Milan's Arco Della Pace as its first subject.
According to Cointelegraph, the NFT success in the country stems from their vibrant art and culture scene, their rich history and their position cemented as one of Europe's cultural hubs. The general sentiment around the market is positive in the country, with Gemini granted regulatory approval to operate and Algorand set to support digital bank and insurance guarantees.
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