Miami Mayor Francis Suarez shared his plans to issue 5,000 NFTs with Time, Mastercard, and Salesforce yesterday.
According to the release, the NFT will be designed by 56 local artists representing the 56 square miles of the city. The project will be launched in November of this year on Ethereum after the blockchain transitions to the Proof-of-Stake mechanism.
As part of the partnership, Time will define Miami's NFT development strategy, and this time, Mastercard will provide NFT ownership and exclusive benefits such as a special city tour program. Meanwhile, Salesforce will handle the minting and selling of NFTs through the NFT Cloud; the new product is in closed beta.
Time President Keith Grossman said the project represents a new venture bringing leading brands and organizations to Web3 and is Time's first foray into helping other organizations implement the NFT project.
Like El Salvador President Nayib Bukele – whose passion is "endless" for Bitcoin – Mayor Suarez does not seem to be a bit skeptical about the current crypto market. He is confident:
" Miami has been at the forefront of the Web3 revolution, and we will continue to use these new technologies to support our existing businesses, attract new businesses, raise capital, and educate." educate citizens and people who visit this wonderful city."
The NFT release is not the city's first foray. Miami launched MiamiCoin (MIA) last August before deciding to give away free Bitcoin to every eligible resident. The MIA brought in $8 million in revenue for the city in just two months, but it's now down 98.8% from its ATH peak, according to CoinMarketCap.
