The city of Miami, the metropolis leading the way for Web3 innovations in Florida, is set to release a 5,000 NFT collection in partnership with TIME magazine publisher Time USA, Mastercard, and Salesforce.
To represent the city’s 56 square mile area, the NFTs from the collection are being curated by 56 different Miami-based artists. They are planned for release in December of this year, and are designed to give holders the ability to unlock unique experiences. For now, this is the only explicit information that the city’s blockchain-advocating Mayor Francis X. Suarez has shared with regards the properties of the assets.
Through the initiative, Time USA will help in devising the city’s NFT strategy, whilst Mastercard will offer Miami NFT holders exclusive benefits such as special access to restaurants and private cultural tours of the city. In leveraging its new and upcoming NFT Cloud platform, Salesforce will manage the minting and primary sales processes of the NFTs.
As many will know, this is not the first Web3 venture from the city (and Suarez), as it previously launched MiamiCoin (MIA), an altcoin that the city would hold in a wallet and others could buy. The coin dropped in August of last year and generated around $8 million in its first two months of activity, however now, it’s down 98.9% from its all-time high.
Since then, the city locked up or staked most of its MIA to earn a yield in Bitcoin, with such yield set to be shared between its residents.