Miami City launches NFT project in partnership with Mastercard and TIME Magazine
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Mayor Francis X. Suarez of Miami City announced the launch of a new Web3 approach to the local economy. It aims to drive revenue to local businesses and non-profit companies.
The mayor is partnering with TIME Magazine, Mastercard, and global CRM leader Salesforce for this initiative. Salesforce will provide the tech infrastructure, while TIME Magazine will be responsible for the creative development and marketing of the project.
“The artwork will reflect the tremendous diversity represented within the city of Miami,” said Keith Grossman, the president of TIME Magazine.
Through this partnership, the City of Miami will create a collection of 5,000 NFTs featuring artworks designed by 56 Miami-based artists. This number represents the city’s 56 square-mile area. In addition to the artwork, NFT holders will receive access to Mastercard’s Priceless Miami program, which includes private tours of cultural institutions and exclusive local events.
“The City of Miami has been on the vanguard of the Web3 revolution and we will continue to employ these new technologies to support our existing businesses while attracting new ones, raise capital and provide experiences for our citizens and those visiting this great City. At the same time, we can also use this novel approach to support local artists and charities,” said Mayor Francis X. Suarez. He plans to launch the project by December of this year.
In Miami’s pursuit of becoming an American crypto hub, it has hosted several Bitcoin conferences and NFT events and continues to attract crypto investors and NFT collectors.
In July, the city hosted the first Metaverse Swimwear Fashion Week during a Crypto Conference in Miami Beach. The event featured crypto, DeFi, NFT, GamFi, and Metaverse topics.
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