Miami Mayor Francis X. Suarez, along with TIME, Mastercard and Salesforce announce the new Web3 initiative involving a collection of 5,000 NFTs that offer prospective holders special rewards to experience in the city.
Miami mayor joins TIME, Mastercard and Salesforce for Web3 initiative
The long “crypto winter” seems not to stop the enthusiasm for Web3 initiatives, so much so that Miami Mayor Francis X. Suarez, together with Mastercard, TIME and Salesforce, announced the launch of an innovative initiative involving 5,000 NFTs.
This initiative will support local artists & charities in Miami in unprecedented ways!
Learn more ⤵️https://t.co/G8Sp35FLtz
— TIMEPieces ⏰ (@timepieces) July 28, 2022
“We are thrilled to partner with @FrancisSuarez, @VentureMiami, @Mastercard & @Salesforce to help bring the @CityofMiami into #web3! This initiative will support local artists & charities in Miami in unprecedented ways!”
And indeed, Suarez’s goal is to increase revenue for local businesses and nonprofit organizations in the City of Miami through exclusive prizes offered through Web3 technology.
The unique collection of 5,000 NFTs is designed by 56 local Miami artists, representing the city’s 56-square-mile area. Holders of these NFTs, will gain access to Mastercard’s Priceless Miami program, which offers unique experiences, from one-of-a-kind events at local Miami restaurants to curated and unforgettable private tours of Miami cultural institutions and other memorable activities.
Miami and the Web3 project with the 5,000 NFTs on Ethereum
At the heart of the Web3 project, which will officially launch next December 2022, is the city of Miami and its support for local artists and charities.
In this regard, 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”.
Not only that, the choice for December was also made because the chosen blockchain is Ethereum and, according to the projected timeline, by that month it should have already become a Proof of Stake, and thus a more sustainable blockchain.
Raja Rajamannar, Chief Marketing & Communications Officer at Mastercard, also made a comment on the matter:
“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”.
The failure of the MiamiCoin
This is not the first time the city of Miami has launched innovative projects. Another initiative, which was run by a private party but implemented in partnership with the City of Miami, was the market launch of MiamiCoin (MIA) last August 2021.
At the time of launch, MIA was worth 1.4 cents, which immediately rose to 4.9 within a few days. As of 20 September 2021, MIA touched its all-time high at 5.5 cents, but since then its collapse has begun.
The purpose of MiamiCoin was to fund the activities of the city government, somewhat as a form of donation, whereas only later perhaps it could also have been an investment. A hypothesis that never came true.