Miami Collabs With TIME, Mastercard, Salesforce to Sell 5K NFTs

Miami City’s four-way partnership to mint NFTs on Ethereum will see money flow to local artists and talent

article-image

Miami skyline | Source: Shutterstock

share

key takeaways

  • A collection of 5,000 NFTs will be decided by 56 local artists
  • Salesforce will handle mints, which will occur on Ethereum post-Merge

The City of Miami has announced a Web3 initiative backed by TIME, Mastercard and Salesforce to engage the community and drive additional revenue to 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 mile 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 the minting and selling via their newly unveiled NFT Cloud product. Launched in June and currently in closed pilot, the NFT Cloud is designed to aid its corporate clients in creating, managing and trading them.

The initiative is anticipated to launch in December, with tokens deployed to the Ethereum blockchain following its upcoming “Merge,” which will shift the network away from the energy-intensive Proof-of-Work and toward a Proof-of-Stake implementation.

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

“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.”  

Keith A. Grossman, president at 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 evolution enabling new relationships to be fostered between individuals and institutions.”

Miami can learn from TIME’s NFT success

Suarez launched MiamiCoin in August last year, a token intended to sustainably fund projects across the city to aid underprivileged communities. Around the same time, the mayor signaled support for bitcoin by pledging to take some of his salaries in the cryptocurrency. 

MiamiCoin has since bombed, now trading 98% below its price peak recorded just after its 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 has reportedly sold more than 20,000 NFTs for $10 million profit.

Loading Tweet..

TIME also published its first full magazine issue as an NFT, with Ethereum co-founder Vitalik Buterin on the cover, and even bought land in The Sandbox to build a version of Times Square in the metaverse, among other initiatives.

TIME’s Grossman added that this four-way partnership is “our first move in a new venture for TIME to bring other brands and organizations successfully and authentically into Web3,” going on to say that additional partners will be announced in the coming months.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

The “fastest-growing ETF in history” has seen net inflows on every trading day since its Jan. 11 launch

article-image

Relm and Chainproof will provide insurance quotes to distributed validators

article-image

DLC.Link uses a Taproot-based Bitcoin multisig to let institutions mint dlcBTC, starting on Arbitrum

article-image

Pre-seed Bitcoin startup deals rose 360% in 2023, a TVP report shows

article-image

Circle’s new smart contract to allow holders of BlackRock USD Institutional Digital Liquidity Fund to redeem shares for its stablecoin

article-image

Uniswap says it was not surprised to receive a Wells notice given the SEC’s “abusive” use of power as of late