Digital art has become so popular that the traditional artists have started exploring the space. According to a report by Research and Markets, a leading market research company, Italy is already experiencing this transition. Cambi Auction House hosted the initial crypto art auction in the nation. The report says that this sector may reach $3.6 Billion by 2028.
High-end Italian Fashion Brands in NFT Sector
The report suggested that Italy’s NFT market will reach $671 Million by the end of this year. The nation got the title of ‘crypto art Renaissance’ following fast adoption of digital assets. The report also cites data from TremendousRare, an NFT market, which ranked the nation 3rd for their total global sales. The sector has opened up gateways for new artists in the country referred to as a possible “New Renaissance-Era”.
The report also highlights how the Italian brands are generating revenue streams through collaborations with NFT platforms. Dolce and Gabbana, an Italian fashion brand, has released non-fungible tokens in partnership with UNXD, an NFT marketplace. One of the pieces from the collection, The Doge Crown, was sold for around $1.3 Million.
High-end luxury Italian fashion houses, Gucci and Prada have also made their presence known in the NFT and metaverse sector. Gucci launched “The Gucci Vault” in The Sandbox, a virtual real estate game. In October 2022, Prada released their “TimeCapsule” NFT collection. The company announced benefits like access to exclusive events, invites to events and more, associated with the tokens.
Crypto and NFT markets have seen a massive downturn this year particularly due to the TerraUST collapse and FTX’s fall recently. The sectors exploded in 2021 but lost strength by the next year. Cryptosphere has lost over $2 Trillion since its peak according to the CoinMarketCap data. According to Financial Times, NFT creators have started seeking alternate ways to generate revenue from their work.
An NFT project, Pudgy Penguins, is selling physical goodies and sharing profits with their tokenholders. Yuga Labs, creators of Bored Ape Yacht Club (BAYC) collection, released the IP rights allowing the holders to customize and use them for commercial purposes.
NFTs are also an integral element in the metaverse. Many tech companies are already working on virtual spaces to scale the digital economy. However, the concept is still in an infant phase and no major development has emerged in the mainstream. Nvidia, world’s leading GPU manufacturer, allows the creators to collaborate on metaverse applications.
With such an immense potential, Italy may become one of the early benefiters in the industry. However, some experts believe that the NFT boom was a bubble that burst and may not happen again.
Source: https://www.thecoinrepublic.com/2022/12/27/nft-market-may-bring-new-renaissance-era-in-italy-report/