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BY Jex Exmundo
July 29, 2022
What first pops into your head when thinking about Miami? Is it Miami beach? Miami nightlife? Authentic Cubanos? Dwyane Wade? All are correct, but now Miami’s city government wants you to add “Web3 hotspot” to that list.
During the NFT industry’s bull run throughout 2021, one of the most important events during this time frame was undoubtedly Art Basel Miami. Scores of NFT enthusiasts flocked to the event’s various locations across the city to catch one of many NFT-centric events taking place at one of the most significant networking events in the entire art industry — not just in the NFT art space.
It makes sense, then, that the City of Miami is embracing NFTs wholeheartedly after hosting one of the industry’s defining events. The Miami city government is partnering up with TIME — one of Web3’s most prominent advocates in the world of traditional media — in addition to Mastercard and Salesforce, to launch a collection of “nearly 5,000 NFTs designed by 56 local Miami artists,” according to an announcement on the city’s official website.
And, if Miami and its partners are successful, this move could become a model for future cities to push into Web3 capabilities with NFT offerings of their own.
The project is intended as a celebration of Miami’s vibrant culture and history. As such, a key component of this city-wide Web3 launch is Mastercard’s Priceless Miami program, which will provide holders of these NFTs access to “unique experiences, from one-of-a-kind events at local Miami restaurants to curated, unforgettable private tours of Miami cultural institutions and other memorable activities.”
With this utility built into the project, the city of Miami hopes that IRL experiences laid out for NFT holders will encourage the public to further explore the city on their own, driving more foot traffic — and potentially revenue — into the city.
Due to its close ties with the NFT community, which includes playing host to Art Basel Miami each year, one of the industry’s now-tentpole events, Miami remains uniquely positioned to sponsor NFT collection launches, even in the face of a global, multiple industry-spanning bear market.
“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,” said Miami Mayor Francis X. Suarez in the press release. “At the same time, we can also use this novel approach to support local artists and charities.” Of course, there’s no guarantee Miami’s dreams of a Web3 oasis will succeed. But if it gets even halfway there, it could serve as a leader and model for other major cities in the U.S. — and the world — to sponsor NFT launches, and become a part of a unique future. One where local artists have more avenues by which they can sustain themselves, and all the things that make a city a great place to live find a new reason to celebrate.
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