The city’s Ethereum NFT is scheduled to start in December.
Mastercard will give unique privileges to NFT holders.
On Thursday, Mayor Francis X. Suarez of Miami, announced that the city would distribute 5,000 Ethereum NFTs in the coming months. Mastercard and Salesforce are all working together with TIME USA magazine’s publisher to make this a reality in Miami.
Exclusive Benefits For NFT Holders
56 different Miami artists are creating NFTs to reflect the city’s 56 square mile territory, according to a news statement from the city.
Miami’s NFT strategy will be defined and implemented by Time USA, while Mastercard will give unique privileges to NFT holders including exclusive event access at restaurants and VIP cultural tours of Miami.
Salesforce’s new NFT Cloud platform, a yet-to-be-released Salesforce product, will oversee the minting and main sales process of NFTs. The launch of Miami NFTs is all about offering holders the power to access new and exciting activities.
It’s not the first time Miami has dabbled with crypto and Web3; the city’s Ethereum NFT is scheduled to start in December once Ethereum switches to proof of stake. In August of last year, Suarez introduced MiamiCoin (MIA), an alternative cryptocurrency that the city would keep in a wallet and that others may acquire.
Despite generating more than $8 million in money for the city in only two months’ time, according to CMC data, its value has fallen by an astounding 98.9 percent. When MIA was first launched, the city of Miami decided to lock up or stake most of its MIA in order to earn a yield in Bitcoin and announced intentions to return an undisclosed portion of that yield to its inhabitants.