Miami City to Make Splash in NFT Arena, Here’s How

The city of Miami in the US is looking to release a total of 5,000 non-fungible tokens (NFTs) on the Ethereum blockchain. Francis X. Suarez, the pro-Web3 mayor of Miami has roped in three partners to facilitate this NFT release — Mastercard, Time USA, and Salesforce. The release of these NFTs is expected to happen in December, after the Ethereum blockchain transitions to its upcoming eco-friendly update called the ‘Merge’ that is slated to go live around September 19.

Miami’s upcoming NFT pieces are being designed by 56 local artists representing the city’s 56 square mile area.

“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,” Suarez said in an official blog post published by the government of Miami.

All three brands linked to this NFT initiative have different, very distinct roles to play.

Buyers of these NFTs will get access to Mastercard’s Priceless Miami programme that provides unique experiences in the city.

Time USA, the nearly 100-year-old publisher of the Time Magazine, has been tasked with the responsibility of guiding the strategy, developing the creative, and launching the initiative.

Salesforce, the US-based software company that recently launched its own NFT platform, will be handling the minting and selling of NFTs through NFT Cloud, a new product — currently in closed pilot — designed to help brands establish their names in the physical and digital worlds.

Representatives from all the three firms have extended their support to the initiative.

“Application details for interested artists and more information on the NFT drop will be announced in the coming months,” the blog post added.

This initiative is intended to drive revenue to local businesses and non-profits through exclusive reward offerings in Miami, that currently houses a population of around 4.60 lakh.

The mayor of Miami has been constant in taking pro-Web3 initiative in the past year.

In September 2021, Suarez had announced his plans of launching the city’s own crypto token called the Miami Coin.

Later in November, Suarez said he was working on a project to get crypto wallets for everybody in the city and distribute ‘Bitcoin yield’ by converting its MiamiCoin proceeds with his wards.