Quick take:
Miami is releasing NFTs, the city’s mayor, Francis X. Suarez, revealed on Thursday. The City of Miami has joined forces with TIME US, Mastercard, and Salesforce to launch the NFTs later this year.
The NFT initiative is designed to drive revenue to local businesses and non-profits through exclusive rewards offerings. Through the four-way collaboration, the City of Miami will drop a collection of 5,000 Ethereum NFTs designed by 56 local Miami artists, representing the city’s 56 square mile area.
“I am thrilled to be partnering with TIME, Mastercard and Salesforce on this initiative. The City of Miami has been on the vanguard of the web3 revolution and we will continue to employ these new technologies to support our existing businesses while attracting new ones, raise capital and provide experiences for our citizens and those visiting this great City. At the same time, we can also use this novel approach to support local artists and charities,” said Mayor Francis X. Suarez.
Mastercard will offer holders of Miami’s NFTs access to Mastercard’s Priceless Miami program, which includes events at local Miami restaurants and curated private tours of Miami cultural institutions and other memorable activities.
TIME, which has been active n the web3 space over the past year, will be responsible for guiding the strategy, developing the creative, and launching the initiative.
“This initiative will provide a unique opportunity for the City of Miami to build deeper connections with residents and visitors alike. As we’ve evolved TIME into the web3 space over the past year and a half, we have uncovered new ways to engage consumers and create exciting new revenue streams for our industry,” said Keith A. Grossman, President of TIME, who also sits on Salesforce’s advisory board.
“We are thrilled to leverage our learnings and expertise to build this program for the great City of Miami, which has already established itself as a leader in web3 innovation, and make our first move in a new venture for TIME to bring other brands and organizations successfully and authentically into web3.”
Salesforce will be handling the minting and selling of NFTs through NFT Cloud, a new product – currently in closed pilot – that allows brands to connect the physical and digital worlds via non-fungible tokens.
Miami has been making waves in the Web3 space, with the launch of MiamiCoin, last August, and the inaugural Miami NFT Week this April, fueled by Miami Mayor Francis Suarez’s popularity among venture capitalists, startups and tech companies.
The project will launch in December this year after Ethereum moves from Proof of Work to Proof of Stake, which will reduce the initiative’s carbon emissions by an estimated 99% or more. Application details for interested artists and more information on the NFT drop will be announced in the coming months.
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