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Published
The Mayor of Miami announced another digital asset project to bolster local business. In April, the city launched Miami Coin, a cryptocurrency using Bitcoin’s blockchain infrastructure. Unfortunately, amid crypto winter, the coin plummeted over 85% from its peak at publication. Though, that didn’t deter Mayor Francis X. Suarez from entering the city into the NFT market.
“I am thrilled to be partnering with TIME, Mastercard and Salesforce on this initiative,” said Mayor Suarez in a press release. “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 […] At the same time, we can also use this novel approach to support local artists and charities.”
The collection consists of 5,000 NFTs on the Ethereum blockchain created by 56 different local artists. Additionally, the number of artists represents the 56 square miles of the city. Each NFT grants access to Mastercard’s Priceless Miami program, which features unique private tours of “cultural institutions” and other activities.
TIME, which already has a presence in web3 technology with its NFT collection, leads content strategy and development. As mentioned, Mastercard provides the Priceless Miami experience. And Salesforce will manage the sale and distribution of the tokens through their upcoming NFT marketplace, NFT Cloud. Moreover, the Miami NFT project is a municipal collaboration with multiple industries.
The upcoming initiative will launch on the Ethereum blockchain post-merge. To further adopt eco-friendly standards in web3 technology, Ethereum will consume 99% less energy after the switch to proof of stake.
You can expect to get your hands on a Miami NFT sometime this December. There’s no official release date yet, but further details, including artist applications and more, are on the way.
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