KEY POINTS

  • The initiative is expected to launch in December
  • Holders of the NFTs will be eligible for Mastercard's Priceless Miami program
  • Salesforce will be responsible for the minting process

The City of Miami will launch 5,000 non-fungible tokens (NFTs) based on the Ethereum blockchain later this year. The initiative is in partnership with Time, Mastercard and Salesforce.

The NFTs are designed by 56 different artists based in Miami, Mayor Francis Suarez said in a statement Thursday. These 56 designs represent "the city's 56 square mile area."

The goal of the launch is to "drive revenue to local businesses and non-profits through exclusive rewards offerings," Suarez said.

Additionally, the holders of these NFTs will be eligible for Mastercard's Priceless Miami program, which offers unique experiences including events at local Miami restaurants and private tours of Miami cultural institutions.

"I am thrilled to be partnering with Time, Mastercard and Salesforce on this initiative," Suarez said in the statement. "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."

Furthermore, Time, the publisher of Time magazine, will be "responsible for guiding the strategy, developing the creative and launching the initiative," while Salesforce will be handling "the minting and selling of NFTs through NFT Cloud." NFT Cloud is an NFT minting platform by Salesforce that also facilitates the sale of NFTs.

"This initiative is anticipated to launch in December 2022 and will be on the Ethereum blockchain following its move from proof of work to proof of stake, a change that will reduce the initiative's carbon emissions by an estimated 99% or more. Application details for interested artists and more information on the NFT drop will be announced in the coming months," the statement added.

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