Miami, which is known for hosting the world’s biggest crypto event Bitcoin Miami, is now looking to enter the non-fungible tokens (NFT) space.
The city is looking to launch its 5,000 non-fungible tokens (NFTs) built on the Ethereum blockchain.
To make this possible, Miami mayor Francis X Suarez has roped in three partners namely Mastercard, Time USA, and Salesforce to facilitate this NFT release.
The NFTs will be designed by the city’s 56 local artists who have designed the NFTs representing Miami city’s 56 square miles.
NFT owners will gain access to Mastercard’s Priceless Miami program, which offers special experiences like curated, unforgettable private tours of Miami cultural institutions and other memorable activities.
These experiences range from one-of-a-kind events at neighborhood Miami restaurants.
Miami’s mayor said:
“I’m ecstatic to be working on this project with TIME, Mastercard, and Salesforce. The City of Miami was at the forefront of the web3 revolution, and we will continue to use these new technologies to generate funds, support our existing businesses while attracting new ones, and deliver experiences for both our residents and those who are traveling to this wonderful City. In addition, we can employ this fresh strategy to help regional charities and artists”.
The nearly 100-year-old company TIME, which has recently become a leader in the web3 market, will be in charge of directing the initiative’s strategy, creating the campaign’s visual elements, and announcing it.
TIME’s president, Keith A. Grossman said that the City of Miami will have a special chance to forge stronger relationships with both residents and visitors thanks to this program.
“Over the past 18 months, as we’ve adapted TIME for the web3, we’ve discovered fresh methods to engage customers and develop stimulating new revenue sources for our sector. We are excited to use our knowledge and experience to build this programme for the wonderful City of Miami, which has already established itself as a leader in web3 innovation, and to launch our first new project for TIME to successfully and authentically integrate other brands and organizations into web”.
-Keith A. Grossman
All three partners linked to the NFT initiative will have very distinct roles to play.
“We’re excited to collaborate with nearby companies in Miami to increase the usefulness and benefits of NFTs by providing Priceless experiences to locals and tourists alike in this vibrant city. The tremendous convergence of cooperation, creativity, and commerce is demonstrated by this new effort” said Raja Rajamannar, Chief Marketing & Communications Officer of Mastercard.
In order to assist brands to create linked experiences across the real and digital worlds, NFT Cloud, a new product that is presently in closed beta, will be handling the minting and selling of NFTs on behalf of Salesforce, the world leader in CRM.
Miami city will be able to engage its NFT holders in significant new ways by merging web2 and web3 data.
Adam Caplan, SVP, Emerging Technology at Salesforce said:
“We’re thrilled to be a part of this effort that will support the development of Miami’s business community and provide memorable experiences through a cutting-edge product”.
The blog post also stated that “application details for interested artists and further information on the NFT drop will be revealed in the upcoming months.”
The goal of this effort is to increase revenue for small enterprises and nonprofit organizations in Miami, which has a population of about 460,000 people.
Over the past year, the mayor of Miami has consistently taken pro-Web3 initiatives.
In September 2021, Suarez revealed his intentions to introduce the Miami Coin, the city’s own cryptocurrency token.
Later in November, according to Suarez, he was working on a plan to provide everyone in the city with cryptocurrency wallets and share ‘Bitcoin yield’ by exchanging MiamiCoin proceeds with his wards.
The NFTs are expected to be launched by December 2022 on the Ethereum Blockchain following its migration called ‘Merge’ on 19 September 2022 to Proof-of-Stake from Proof of Work. This move will reduce the initiative’s carbon emissions on the Ethereum blockchain by an estimated 99% or more.
Growth of NFTs
The year 2021 saw tremendous growth in NFT projects and many projects were sold within hours of the launch. However, there were many challenges, like fake NFTs and copying NFT projects that were a cause of concern for NFT investors.
Klever is also working to bring NFTs to its ecosystem. It already has its Klever NFT marketplace which has been designed to provide access to users that no NFT marketplace provides today.
The state-of-the-art NFT marketplace platform currently allows trading and holding of Devikins NFTs, and very soon, users will be able to store and trade Love Monster NFT built on KleverChain.
Klever is also working to launch more NFT projects that are based on Ethereum blockchains in the coming months.
Due to its high level of security and quick transaction times on the Klever Blockchain (KleverChain), the Klever Marketplace stands out among other marketplaces and is in fact one of the best venues to trade NFTs.
As Klever looks forward to an exciting time on the brand-new blockchain it established, NFT developers can take advantage of the opportunity to engage in a sustainable marketplace where security is placed at a high premium on their content.