The project will be launched in November of this year on Ethereum after the blockchain transitions to the Proof-of-Stake mechanism. According to the release, the NFT will be designed by 56 local artists representing the 56 square miles of the city.
As part of the partnership, Time will define Miami’s NFT development strategy, and this Time Mastercard will provide NFT ownership and exclusive benefits such as a special city tour program. Meanwhile, Salesforce will handle the minting and selling of NFTs through the NFT cloud, and the new product is in closed beta.
Time President Keith Grossman said the project represents a new venture bringing leading brands and organizations to Web3 and is Time’s first foray into helping other organizations implement the NFT project.
Like El Salvador President Nayib Bukele- whose passion is “endless’ for Bitcoin- Mayor Suarez does not seem to be a bit skeptical about the current crypto market. He is confident:
“Miami has always been at the forefront of the Web3 revolution. We will continue to use these new technologies to support our existing businesses, attract new businesses, raise capital, and educate citizens and people who visit this wonderful city.”
Before that, Miami launched MiamiCoin (MIA) last August before deciding to give away Bitcoins to all eligible residents for free. After two months, the MIA has brought in $8 million in revenue for the city.