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.

This would make the Italian NFT market hover around a $671 million valuation. Moreover, over the next five years, Italy’s NFT industry is forecasted to have a steady upward compound annual growth rate of 34.6%. The spending value for NFTs is anticipated to hit $3.6 billion by 2028.