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Thursday, Mayor Francis X. Suarez of Miami announced intentions to issue 5,000 Ethereum non-fungible tokens later this year. Miami is collaborating with the publisher of TIME magazine, Time USA, Mastercard, and Salesforce to make it happen.
According to a city news release, the NFTs—unique blockchain tokens that symbolize ownership—are being developed by 56 different Miami artists "representing the city's 56 square mile territory."
Time USA will assist in defining the city's NFT strategy and executing the initiative. At the same time, Mastercard will provide Miami NFT holders exclusive perks like restaurant event admission and VIP cultural excursions.
Salesforce will oversee the minting and primary sales process for NFTs with its new NFT Cloud platform, a forthcoming Salesforce solution that enables brands to mint and sells NFTs.
President of TIME Keith Grossman, also a Salesforce’s Web3 Advisory Board member, told Decrypt that the Miami NFT initiative is TIME’s first excursion into assisting other groups with the deployment of NFT projects, and he suggested that more may be next.
According to him, the Miami NFTs are about granting holders access to exclusive activities.
Grossman noted, “The artwork will reflect the city of Miami’s extraordinary variety.”
Like El Salvadoran President Nayib Bukele, whose love for Bitcoin is unshakeable, Mayor Suarez is unaffected by the current crypto bear market, which has caused some crypto firms to lay off employees and declare bankruptcy.
In a statement, Suarez said of crypto and NFTs, “We will continue to leverage these new technologies to serve our existing companies while recruiting new ones.”
The office of Suarez has yet to reply to Decrypt’s request for comment.
The anticipated debut of Miami’s Ethereum NFTs in December, following Ethereum’s transition to proof of stake, is not the city’s first excursion into crypto and Web3. In August of last year, Suarez introduced MiamiCoin (MIA), an alternative cryptocurrency that the city could store in a wallet and that others could purchase.
According to CoinMarketCap statistics, it earned about $8 million in income for the city in only two months but is now down a stunning 98.9 percent from its all-time high.
Since then, Miami has locked up or staked most of its MIA to generate a Bitcoin dividend and announced intentions to return an undisclosed portion of this revenue to Miami citizens.
From cryptocurrencies to NFTs, Miami will not abandon cryptocurrency any time soon.
