Miami Mayor Francis Suarez the city will partner with Time, Mastercard and Salesforce to roll out a new non-fungible token (NFT) initiative.
The mayor announced today that the Miami plans to offer 5,000 NFTs designed by 56 local artists to represent the 56 square mile area of the city. Those holding the tokens will receive access to Mastercard's Priceless Miami program, offering experiences, private tours and activities within the city. The city plans to launch the project in December of this year on the Ethereum blockchain after the chain moves to proof-of-stake.
Time will act as a strategist for the program, since the firm itself has taken recent strides into the NFT space. Time President Keith Grossman said the project represents a new venture for Time, which plans to bring other brands and organizations into web3.
Software company Salesforce will handle the minting and selling of the NFTs through its new product, NFT Cloud, which is currently in a closed pilot stage.
Suarez has sought to make Miami a leader in crypto, exploring various ways to include the technology in the city's planning, from suggesting to allocate some of the city's treasury reserves to bitcoin to promoting the CityCoins protocol.
Since his initial interest in the technology, the onset of a crypto winter has overtaken some firms and caused the price of various cryptocurrencies to plummet. Though Suarez did not comment on the change in market conditions in his statement, he said Miami plans to be part of the shift to web3.
"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," he said in a statement.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.