This week, Francis X. Suarez, the Mayor of Miami, announced the city’s intention to release 5,000 NFTs later this year. Miami will work with Salesforce (NYSE:), Mastercard (NYSE:) and TIME Magazine to deliver the project.
The city’s crypto embrace
According to a city press release, the NFTs will be created by 56 different Miami artists who “represent the city’s 56 square mile area.”
“I’m thrilled to be collaborating with TIME, Mastercard and Salesforce on this initiative. The City of Miami pioneered the Web3 revolution and we will continue to use these new technologies to support our existing businesses while attracting new ones. Raising capital and providing experiences for our citizens and visitors to this great city. At the same time, we can also use this novel approach to support local artists and charities,” enthused Mayor Francis X. Suarez in the press release. Mastercard offers Miami NFT holders exclusive privileges such as exclusive access to dining events and private cultural tours around the city.
Salesforce will manage the minting and initial sales of the NFTs via its upcoming NFT Cloud platform, while TIME will be responsible for leading the strategy, developing the creative aspects and launching the initiative.
“This initiative will provide the City of Miami with a unique opportunity to forge deeper connections with residents and visitors alike. As we have evolved TIME into the Web3 space over the past year and a half, we have discovered new ways to engage consumers and are creating exciting new revenue streams for our industry,” said Keith A. Grossman, President of TIME.
The Mayor’s Love for Crypto
Francis Suarez has emerged as a clear proponent of crypto. The mayor told a reporter at Real Vision’s “Takeover” event that he intends to invest part of his $401,000 pension in his cryptocurrency of choice.
He also stated that he would soon receive a paycheck – an initiative he carried on.
Suarez also helped secure $25 million in funding from investment firm Borderless Capital to support blockchain startups and entrepreneurs in the city.
Under the Suarez governor, the city introduced MiamiCoin (MIA), a buyable altcoin that the city keeps in a wallet. According to data from CoinMarketCap, the coin brought nearly $8 million in revenue to the city in just two months.
Since then, Miami has locked or staked most of its MIA to earn a bitcoin yield and announced plans to deliver an undisclosed portion of that yield to Miami residents.
On the flip side
- The bear market threatens crypto investments.
- El Salvadoran President Nayib Bukele, who is passionate about crypto, has suffered huge losses of up to 57% of taxpayers’ dollars due to the market crash.
To learn more about crypto in Miami, check out the articles below:
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