Francis X. Suarez, the mayor of Miami, said Thursday that he plans to release 5,000 Ethereum NFTs later this year. To make it happen, Miami is working with the company that makes TIME magazine, Time USA, Mastercard, and Salesforce.
The NFTs are unique blockchain tokens that show ownership. A press release from the city says that 56 different Miami artists are designing them to “represent the city’s 56 square miles.”
Time USA will help the city figure out its NFT strategy and put the project into action, while Mastercard will give NFT holders in Miami special perks like access to special events at restaurants and private cultural tours of the city.
Salesforce’s new NFT Cloud platform, a product that hasn’t come out yet but lets brands mint and sell NFTs, will handle the minting and primary sales of NFTs.
Keith Grossman, the president of TIME and a member of Salesforce’s Web3 Advisory Board, told Decrypt that the Miami NFT project is TIME’s first attempt to help other organizations set up NFT projects. He also hinted that more might be coming soon.
He said that the whole point of the Miami NFTs is to give their owners the key to unique experiences.
“The art will show how diverse Miami is,” Grossman said.
Like El Salvadoran President Nayib Bukele, who is very passionate about Bitcoin, Mayor Suarez doesn’t seem to care about the current crypto bear market, which has caused some crypto companies to lay off staff and file for bankruptcy.
“We will keep using crypto and NFTs to support our existing businesses and bring in new ones,” Suarez said in a statement about crypto and NFTs.
After Ethereum switches to proof of stake in December, Miami plans to launch Ethereum NFTs. This is not the city’s first foray into crypto and Web3. In August of last year, Suarez created MiamiCoin (MIA), an alternative cryptocurrency that the city could hold in a wallet and that others could buy.
It brought in about $8 million for the city in just two months, but CoinMarketCap data shows that it is now down a shocking 98.9% from its all-time high.
Since then, Miami has locked up or bet most of its MIA to earn a return in Bitcoin, which it plans to give back to its residents in an amount that has not yet been decided.