Why Is the City of Miami Launching an NFT Collection?
It’s been recently announced that the city of Miami will launch an NFT collection in a partnership with TIME, Mastercard and Salesforce.
Key Takeaways
- Miami’s Mayor Francis X. Suarez announced plans to launch an innovative NFT initiative for the City of Miami to drive revenue to local businesses and non-profits
- The collection will consist of nearly 5,000 NFTs designed by 56 local artists, representing the city’s 56 square mile area
- Miami’s NFT collection is planned for a December launch
It’s no surprise that Miami’s mayor is super bullish on blockchain technology. He is positing Miami to be at the forefront of blockchain adoptions and crypto finance. With that zest for the blockchain, it is natural that he also is looking for Miami to be a hotspot for NFTs and Web3 culture.
Many NFT projects are already thriving in Miami. Miami is home to talented artists, tech savvy developers, entrepreneurs and passionate community leaders so many local are not surprised it has become a hotbed for NFT innovation.
But Why an NFT Collection for a City?
NFTs allow for holders to have exclusive rights and to be able to earn rewards for staking NFTs. Unlike regular reward programs though, NFTs can be sold to other holders. This creates a new level of interactivity. As Miami becomes more of a destination for Web3 projects, the city is also looking for ways for businesses not directly involved in the Web3 space to benefit. The city is also looking to give interesting experiences to holders of the Miami NFTs. Such experiences may be special event access at restaurants and private tours of the city.
Mayor Suarez stated: “I am thrilled to be partnering with TIME, Mastercard and Salesforce on this initiative. 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.”
The Partnership
Miami is partnering with big names to help make this a success.
Raja Rajamannar, Chief Marketing & Communications Officer of Mastercard, stated, “This new initiative demonstrates the powerful intersection of collaboration, creativity and commerce. We’re thrilled to join forces with local Miami businesses and provide greater utility and benefit of NFTs by offering Priceless experiences to the citizens of Miami and those visiting this dynamic city.”
Keith A. Grossman, President of TIME, stated: “This initiative will provide a unique opportunity for the City of Miami to build deeper connections with residents and visitors alike. As we’ve evolved TIME into the web3 space over the past year and a half, we have uncovered new ways to engage consumers and create exciting new revenue streams for our industry. We are thrilled to leverage our learnings and expertise to build this program for the great City of Miami, which has already established itself as a leader in web3 innovation, and make our first move in a new venture for TIME to bring other brands and organizations successfully and authentically into web3.”
Adam Caplan, SVP, Emerging Technology, Salesforce, stated, “Businesses are looking to deliver connected experiences across emerging channels in a sustainable and trusted way. We’re excited to be a part of this initiative that will help strengthen Miami’s business community and bring unique experiences to life through an innovative offering.”
Wen Miami NFT?
The project is anticipated to launch in December 2022 and will be on Ethereum after Ethereum transfer from Proof of Work to Proof of Stake.
What do you think about this? Should other cities follow suit?
About Nswap: Nswap is building a decentralized, multi-chain information aggregation platform (Launchpad) and open market (Marketplace) for NFTs. We hope that everyone has the opportunity to experience, access, and own NFTs. With Nswap, you can access NFT collections for sale on our primary Launchpad and trade them freely on our secondary Marketplace.
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