City Of Miami To Launch 5,000 Ethereum-Based NFTs
- The City of Miami will launch around 5,000 NFTs which will be based on the Ethereum blockchain and will consist of 56 designs
- These 56 designs will represent the 56 sq. mile area of the city, said Mayor Francis X. Suarez who also revealed the partnership with TIME, Salesforce, and Mastercard
The city is planning to launch NFTs. According to a city press release, Miami’s Mayor Francis X. Suarez intends to release 5,000 Ethereum-based NFTs later in 2022 by partnering with Mastercard, TIME magazine publisher TIME USA, and Salesforce.
The announcement reveals that the NFTs are being designed by 56 different artists from the city “representing the city’s 56 square mile area.” Notably, the NFT holders will gain access to Mastercard’s Priceless Miami program, which offers special experiences like curated, unforgettable private tours of “Miami cultural institutions and other memorable activities.”
As per the agreement, TIME USA will help the City of Miami in defining its NFT strategy and implementing the planned project, while Salesforce will manage the minting and initial sales process with its NFT Cloud platform, an upcoming Salesforce product that allows brands and creators to mint and sell NFTs.
On the other hand, Mastercard will add turn-key utility to the project by offering the holders exclusive access to special events at restaurants and private cultural tours in the City of Miami.
TIME President Keith Grossman said that the Miami NFT project is the magazine’s first time helping other entities implement NFT project plans. Grossman, who is also a member of Salesforce’s Web3 advisory board, hinted that TIME might engage more in such types of partnerships in the coming days. He commented on Miami NFTs by stating that these NFTs are totally focused on providing unique experiences.
“The artwork will reflect the tremendous diversity represented within the city of Miami,”he added.
The administration is expecting to launch the initiative in December this year on the Ethereum blockchain following its “The Merge” from Proof of Work to Proof of Stake. The transition will reduce the initiative’s carbon emissions by at least 99%.
Mayor Suarez doesn’t seem affected by the ongoing crypto bear market that has caused some crypto companies to lay off employees and declare bankruptcy.
“We will continue to employ these new technologies to support our existing businesses while attracting new ones,”he recently stated while talking about NFTs
Ethereum NFTs by Miami isn’t the city’s first attempt into cryptocurrency and Web3. In August 2021, Suarez introduced MiamiCoin (MIA), an altcoin that the city would store in a wallet and allow others to purchase.
Interestingly, it brought in almost $8 million in revenue for the city in just two months, but it is now down by around 99% from it’s all-time high.