The Non-fungible Token Market in Italy. The Crypto-Renaissance Awaits (Also) the Law

Abstract

Italy is distinguishing itself as one of the pioneers of crypto art and among its most important ‘producers’. If domestic blockchain technology-based industry is lacking, its applications in the field of art are fuelling a cultural awakening in the country. NFTs are pushing a sector different from the one in which the creative industry traditionally deployed, so much so that it is named ‘Crypto Renaissance’. However, the need undermines this promising opportunity for a clear regulatory framework while waiting for future EU Regulations. However, the MiCAR proposal, in its current version, excludes from its scope NFTs, leaving space for the Member States. How Italy could use this space to create a market for NFTs in Italy by reviving the lustre of the past and taking advantage of the technology’s development opportunities for the future is yet to be seen.