Miami to launch NFT initiative in partnership with TIME and Mastercard

Miami mayor Francis Suarez announced a partnership with TIME, Mastercard and Salesforce to issue city NFTs.

We are thrilled to partner with @FrancisSuarez, @VentureMiami, @Mastercard & @Salesforce to help bring the @CityofMiami into #web3!

This initiative will support local artists & charities in Miami in unprecedented ways!

Learn more ⤵️https://t.co/G8Sp35FLtz

— TIMEPieces ⏰ (@timepieces) July 28, 2022

As part of the collaboration, Miami will unveil a collection of nearly 5,000 NFTs created by local artists.

Token holders will gain access to Mastercard’s city-themed Priceless Miami program.

“Miami has been at the forefront of the Web3 revolution, and we will continue to use these technologies to support our business, attract new companies and capital, and provide services to our residents and visitors. At the same time, we can use this approach to support local artists and charitable organizations,” said Suarez.

With experience in the NFT space, TIME magazine will oversee the launch of the initiative, providing creative and strategic leadership.

The developer CRM-solutions Salesforce will take on issuing and selling collectible tokens via the NFT Cloud platform. This new product for interacting with asset owners is currently in closed testing.

“Companies are looking to deliver services via new channels in a sustainable and dependable way. We are pleased to be part of this initiative, which will help strengthen Miami’s business community and bring to life a unique experience through an innovative offering,” said Salesforce Vice President Adam Kaplan.

It is expected that the project will launch in December on Ethereum after the network transition from the Proof-of-Work consensus algorithm to Proof-of-Stake. It is expected that as a result, carbon emissions from the blockchain ecosystem of the second-largest cryptocurrency will fall by about 99%.

In 2021, Suarez created a working group for integrating the city into the crypto industry. The mayor initiated moving part of the treasury into Bitcoin and the possibility for municipal employees to receive salaries in the leading cryptocurrency.

Mr. Suarez became the first politician in the United States to begin receiving pay in digital gold. He did not refuse cryptocurrency payments even as prices fell about 40% since the start of the year.

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