Miami Mayor Francis X. Suarez shared plans Thursday to issue 5,000 NFTs on the Ethereum blockchain later this year. Miami is partnering with TIME magazine's Time USA, Mastercard and Salesforce to make this possible.
will be designed by 56 different Miami artists who "represent the 56 square mile area of the city," according to a press release from the city.
Time USA will help define the city's NFT strategy and execute the project, while Mastercard will offer exclusive benefits to Miami owners of these NFTs, such as access to special events at restaurants and private cultural tours of the city.
Salesforce will manage the minting of the NFTs and the primary sales process with its new NFT Cloud platform, a yet-to-be-released Salesforce product that allows brands to mint and sell NFTs. When an NFT is mined, it is actually created and issued to its buyer.
TIME President Keith Grossman, who also sits on Salesforce's Web3 advisory board, said the Miami NFT project is TIME's first foray into helping other companies or individuals implement NFT projects, and hinted that more will follow soon.
He said the Miami NFTs are all about giving holders the ability to "unlock" unique experiences.
"We will continue to use these new technologies to support our existing businesses while attracting new ones," Mayor Suarez said of crypto and NFTs in a statement.
Miami's Ethereum NFT - scheduled for launch in December following Ethereum
's move to proof of stake - is not the city's first foray into crypto and Web3. Suarez launched MiamiCoin (MIA) last August.
The performance of this altcoin was bad to say the least, as it lost almost all of its value, but it appears that Miami
will not be stopping with crypto anytime soon.