Within the first few minutes several women are seen topless. Mild since no female genital nudity.
The basic theme of the movie glorifies a woman who achieves wealth and independence by becoming a courtesan, or highly paid prostitute. (Unlike French courtesans, who were generally more like "mistresses", the term here is used to describe a woman who has sex for money with a large number of different men.) The main character is shown entertaining clients numerous times, although only a couple of these depict actual sex acts.
There are several courtesans who appear topless in a few scenes.
There is a sex scene between Veronica Franco and a "client." Her breasts are visible. And there is obvious thrusting, yet male nudity is avoided.
Another sex scene, between Veronica and Marco. It's a lot of tumbling and quick glimpses of her breasts and her buttocks. (No explicit nudity)
Several suggestive actions with food regarding fellatio, especially courtesan eating a banana.
Sexually suggestive poetry recited.
A woman coaches another on how to please a man. They discuss sensuality. A naked male assistant (we only get to see him from the back) is used in one scene--the woman instructs her pupil on how to touch him, while apparently stroking his privates, without nudity.
Clients make appointments with the courtesan.
A visiting king chooses among courtesans to please him. The politicians of the town want to curry favor with him in this way. He is rumored to have kinky (non-specified) preferences. There is a strong implication of a perverted sex act with the king.