The Italian luxury market and NFTs: a marriage that works well

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For some time now, the NFT market has been attracting interest in Italy, across all sectors. The numbers speak for themselves: in the second quarter of 2022, the NFT industry is expected to grow 47.6 percent in the country on an annual basis. And it is expected to reach more than $671 million in 2022.

 

According to the Italy NFT Market Intelligence report, the NFT industry in Italy has a bright future. The value of NFT spending in the pizza country is expected to grow from $671.4 million in 2022 to $3,633 million by 2028.

 

These digital tokens have indeed become commonplace in Italy for some time.

 

Young transalpine artists are thus exchanging their works for cryptocurrency. In July 2021, the auction house Cambi Auction House organized the first crypto art auction in Italy. The sale of these boldly designed and unconventional works was implemented to help artists create living art.

 

Italy, a pioneer in the generation of NFT artists, has in fact ranked third in the world for total gross sales in this major NFT market.

 

NFTs, a new perspective on the future?

 

NFTs have revolutionized the digital world and more specifically art with a capital A since their inception. They have brought stability to the market and attracted investors. Several works have already been purchased, such as the one by Italian artist Federico Clapis, sold for $180,000 (44.7 Ethereum) or the one by Hackatao for the modest sum of $575,000 (185 Ethereum)!

 

One of the NFT works by the artist Federico Clapis

 

The particularity of these immaterial works of art, in addition to their pixelated appearance, is the method of payment. Indeed, it is only possible to buy them in cryptocurrencies and not in real money.

 

In addition to the art world, another industry is seriously looking into the NFT topic: fashion. Italian Houses are partnering with NFT platforms to launch their own tokens, including clothing, shoes, but also jewelry and accessories. These unique digital creations are purchased by collectors, enthusiasts and also amateurs.

 

Last March, Diesel, the Italian clothing brand, entered the market by signing an NFT collection. Called D:VERSE, it is only available in the metaverse. Users can now dress their avatars in Diesel.

 

Garment from the D:VERSE collection

 

With this special NFT, they can access exclusive content such as unique fashion shows, limited edition clothing as well as sneakers and accessories. It also offers a free pass to the upcoming In Real Life Diesel Runway Show.This new world is creating a consumer society 2.0 and a new need for belonging and dependency beyond the real.

 

Metaverse

 

Among the Fashion Houses, Dolce and Gabbana also launched in September 2021 a group of nine NFT, called Collezione Genesi. Later, these nine digital tokens were auctioned by the Polygon network.

 

The Doge Crown, or crown of the Doges, which was inspired by a famous Venetian palace and took hundreds of hours to create by hand, in both physical and digital versions, was auctioned for about $1.3 million. The Glass Suit, a colorful costume thought up and imagined by the two Italian designers, who released an NFT version as well as a physical version, sold for nearly $1 million. In addition, each version of Dress for a Dream (below) fetched over $500,000.

 

The winners of these auctions had the chance to receive their due in NFT, as well as in physical version.

 

A dress from the NFT Dolce & Gabbana collection Collezione Genesi

 

After the successful launch of the Collezione Genesi digital collection, the Italian fashion house has partnered once again with another NFT platform, UNXD, as well as InBetweeners, a unique assortment of rare items stored on a blockchain.

 

This collaboration, giving birth to another NFT fashion collection of the brand in black, is composed of more than 4,800 boxes called DGFamily. The purchaser buys the box as an NFT, without knowing what’s inside, and at the same time gets digital, corporeal and experiential privileges within the Metaverse. A new way to build customer loyalty.

 

Read also >Web3 : Porsche unveils its first NFT collection

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For some time now, the NFT market has been attracting interest in Italy, across all sectors. The numbers speak for themselves: in the second quarter of 2022, the NFT industry is expected to grow 47.6 percent in the country on an annual basis. And it is expected to reach more than $671 million in 2022.

 

According to the Italy NFT Market Intelligence report, the NFT industry in Italy has a bright future. The value of NFT spending in the pizza country is expected to grow from $671.4 million in 2022 to $3,633 million by 2028.

 

These digital tokens have indeed become commonplace in Italy for some time.

 

Young transalpine artists are thus exchanging their works for cryptocurrency. In July 2021, the auction house Cambi Auction House organized the first crypto art auction in Italy. The sale of these boldly designed and unconventional works was implemented to help artists create living art.

 

Italy, a pioneer in the generation of NFT artists, has in fact ranked third in the world for total gross sales in this major NFT market.

 

NFTs, a new perspective on the future?

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For some time now, the NFT market has been attracting interest in Italy, across all sectors. The numbers speak for themselves: in the second quarter of 2022, the NFT industry is expected to grow 47.6 percent in the country on an annual basis. And it is expected to reach more than $671 million in 2022.

 

According to the Italy NFT Market Intelligence report, the NFT industry in Italy has a bright future. The value of NFT spending in the pizza country is expected to grow from $671.4 million in 2022 to $3,633 million by 2028.

 

These digital tokens have indeed become commonplace in Italy for some time.

 

Young transalpine artists are thus exchanging their works for cryptocurrency. In July 2021, the auction house Cambi Auction House organized the first crypto art auction in Italy. The sale of these boldly designed and unconventional works was implemented to help artists create living art.

 

Italy, a pioneer in the generation of NFT artists, has in fact ranked third in the world for total gross sales in this major NFT market.

 

NFTs, a new perspective on the future?

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The editorial team
The editorial team
Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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