In another win for the cryptocurrency ecosystem, Miami has announced its plan to mint NFTs on Ethereum. City of Miami’s mayor Francis X. Suarez announced his plan to release 5,000 Ethereum NFTs later this year. For that purpose, the city is partnering with TIME magazine publisher Time the USA, Mastercard and Salesforce.
The NFTs are being designed by 56 different Miami artists to represent the city’s 56 square mile area. Time USA will help to define the NFT strategy and execute the project. Mastercard will offer Miami NFT holders exclusive benefits such as access to restaurants and private cultural tours.
Salesforce, on the other hand, will take care of the NFT minting and primary sales process using its new NFT cloud platform that is yet to be released. This NFT cloud platform allows brands to mint and sells NFTS
The USP Of City of Miami NFTs.
Keith Grossman, TIME president, who is also an advisory board member for Salesforce, said that the Miami NFT project is the magazine’s first initiative into the NFT space, with more to come. He further said that the Miami NFTs are designed to help the holders unlock unique experiences.
“The artwork will reflect the tremendous diversity represented within the city of Miami,” He added.
Much like El Salvador’s president Nayib Bukele, Mayor Suarez also seems unfazed by the bear market and said, We will continue to employ these new technologies to support our existing businesses while attracting new ones,”
The NFTs are planned to be launched in December after The Merge, an event where Ethereum will transition to the PoS consensus algorithm. This will not be the first attempt for the city to enter the Web3 space, as last year, the city launched MiamiCoin, an altcoin that generated about $8 million in revenue for the city in two months.
This new foray will be a significant milestone for both the city and the crypto industry as the city of beaches enters the NFT market.