Italy is one of the cultural hubs of Europe, with centuries of history, art and culture. Now it is also posed to create the crypto art Renaissance via its nonfungible token (NFT) market, says a new report.

Data from Research and Market’s “Italy NFT Market Intelligence and Future Growth Dynamics Databook” says the country is projected to have a growth of 47.6% in its NFT market by the end of 2022.

According to the report, some of the country’s success with NFTs comes from its vibrant art and culture scene. Major Italian luxury fashion brands such as Gucci and Dolce & Gabbana, have been some leaders in adoption of Web3 technologies in the industry.

(By SAVANNAH FORTIS)