A report from Research and Markets has projected that the Italian non-fungible token (NFT) market will experience an increase of 47.6% by the year 2022.

This will result in a market value of $671 million and a compound annual growth rate of 34.6% over the next five years, leading to a total spending of $3.6 billion by 2028.

The report suggests that the success of the Italian NFT market can be attributed to its thriving art and culture environment, with well-known fashion giants such as Gucci and Dolce & Gabbana driving the adoption of Web3 technologies and making great profits from NFTs.

Additionally, the nation’s cultural heritage is being protected by NFT projects such as Monuverse, which uses digital assets to record historical places, and the “crypto renaissance” organization that backs Italian NFT artists.