Miami partners with TIME, Mastercard, Salesforce to sell 5K NFTs

The City of Miami has announced a Web3 initiative supported by TIME, Mastercard and Salesforce to engage the community and generate additional revenue for local businesses.

Miami aims to create a collection of 5,000 NFTs designed by 56 local artists. The number 56 represents the city’s 56 square kilometer area.

NFT holders will be able to access Mastercard’s Priceless Miami program, which organizes unique culinary experiences and private events around the city.

Cloud provider Salesforce will handle minting and sales via their recently unveiled NFT Cloud product. Launched in June and currently in closed pilot, NFT Cloud is designed to help corporate clients create, manage and trade them.

The initiative is expected to launch in December, with tokens distributed to the Ethereum blockchain following the upcoming “Merge”, which will move the network away from the energy-intensive Proof-of-Work and towards a Proof-of-Stake implementation.

Miami Mayor Francis X. Suarez stated in a press release:

“The City of Miami has been at the forefront of 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 residents and those who visit this great city .”

Keith A. Grossman, president of TIME told Blockworks that Suarez has been “one of the most innovative leaders” in supporting blockchain technology and that they share the belief that “web3 is a long-term development that allows for new relationships between individuals and institutions.”

Miami can learn from TIME’s NFT success

Suarez launched MiamiCoin last August, a token meant to sustainably fund projects across the city to help underprivileged communities. Around the same time, the mayor signaled support for bitcoin by promising to take some of his salary in the cryptocurrency.

MiamiCoin has since bombed, and is now trading 98% below the price peak recorded shortly after launch. Token sales have generated more than $5 million for the city.

As for TIME, the prominent magazine brand entered the Web3 world in March 2021, and has since established its own NFT community called TIMEPieces. The company reportedly sold more than 20,000 NFTs for $10 million in profit.