The city of Miami is collaborating with TIME Magazine publisher Time USA, Mastercard, and Salesforce to launch 5,000 Miami NFTs before the year ends.
Not even the widespread cryptocurrency winter is enough to dampen Miami Mayor Francis X. Suarez’s belief and love of the Web3 space. On Thursday, Suarez intimated that the city plans to release 5,000 Miami NFTs later this year.
To realize this endeavor, Miami, Florida’s second most populated city, is partnering with TIME Magazine publisher Time USA, Mastercard, and Salesforce. According to a press release, the NFTs, unique blockchain tokens that denote ownership, will be designed by 56 Miami artists. The number 56 represents the city’s 56 square mile area.
Roles of Miami NFT Collaborators
As already mentioned, the city of Miami will be collaborating with three established brands in bringing these Miami NFTs to life. Time USA, which publishes TIME Magazine, will lend its hand in defining Miami’s NFT strategy. At the same time, it will handle the project’s execution.
On the other hand, Mastercard will provide the exclusive perks and benefits attached to the Miami NFTs under Mastercard’s Priceless Miami program. For instance, Miami NFT holders will be granted access to special events at restaurants and private cultural tours in the city.
Finally, Salesforce will take care of the NFTs’ minting and primary sales process through its new NFT Cloud platform. The platform is a yet-to-be-released product from Salesforce that gives brands the opportunity to mint and sell NFTs.
TIME Magazine has long been a proponent of the Web3 and Metaverse spaces. For instance, it was the first to release the world’s fully decentralized magazine issue as an NFT. It is also exploring the possibility of offering NFT subscriptions for its digital magazines. Also, its cover story for August gives readers an insight into the Metaverse.
Still, in an interview, Keith Grossman, TIME Magazine’s President who also happens to be on Salesforce’s Web3 Advisory Board, said this is a first for the magazine. It’s a first in that TIME has never helped other entities deploy NFT projects before the Miami NFTs.
And by the looks of it, there may be more coming soon. According to Grossman, the Miami NFTs are all about enabling holders to unlock unique experiences.
“The artwork will reflect the tremendous diversity represented within the city of Miami,” Grossman added.
Unfazed by Crypto Winter
There is no denying the widespread crypto winter that has led some cryptocurrency companies to lay off staff and eventually file for bankruptcy. However, Miami’s Mayor Suarez is seemingly unfazed by the current crypto bear market. He shares the same unwavering passion that President Nayib Bukele of El Salvador has, albeit the latter’s fixation is on Bitcoins.
“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,” Suarez said in a statement.
Suarez has proactively looked for ways to make Miami a leader in crypto, including integrating technology into the city’s planning. In fact, the Miami NFTs are not the city’s maiden foray into crypto and Web3. He already launched the MiamiCoin (MIA), an altcoin that the city holds in a wallet and others could buy, in August of 2021.
Nevertheless, while the MIA generated about $8 million in revenue for the city within two months from its launch, it is now shockingly down 98.9% from its all-time high based on data from CoinMarketCap. It prompted the city to lock up or stake most of its MIA to earn a yield in Bitcoin. Talks are rife that the city plans to give a portion of the profit back to Miami residents.
Incidentally, the Miami NFTs are planned for a December launch, in time for Ethereum’s migration to proof-of-stake.
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