The nft market - Italy

1.1 Introduction

The NFT market represents an emerging sector in cryptocurrency, in which non-fungible tokens are created, traded and collected. The products included in the market are mainly:

• Digital artworks: unique artistic creations or limited editions that are sold as NFTs.
• Digital collectibles: cards, figurines, games and virtual objects that can be owned as NFTs.
• Unique digital content: music, videos, podcasts and other types of media that are turned into NFTs and sold as authentic digital works.

NFTs had their first examples in 2014 with rudimentary forms on Counterparty, followed by digital trading cards in 2016. However, the turning point came with the emergence of Ethereum in 2013, which introduced smart contracts and enabled the creation of programmable NFTs. In 2017, Rare Pepes and CryptoPunks emerged as successful cryptoassets on Ethereum, paving the way for the NFT market. The first NFT auction also took place at that time, marking the official beginning of crypto art. Next, CryptoKitties, a game based on NFTs, was launched, further consolidating the market. Since then, the industry has grown steadily, offering new opportunities in the field of digital collection and digital art.[GianlucaLandone]

Key players in the market include marketplace platforms such as OpenSea, Rarible, and SuperRare, as well as artists, content creators, and collectors who actively participate in the creation and sale of NFTs.

The global size of the non-fungible token (NFT) market has been estimated at $20.44 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 34.2 percent from 2023 to 2030.[Grandviewresearch]

The study focuses on the NFT market in Italy and for information on complementary markets, such as cryptocurrencies, please refer to the specific studies available in the Businesscoot catalog.