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According to Miami Mayor Francis Suarez, Time, Mastercard, and Salesforce will work with the city to launch a new non-fungible token (NFT) program. The mayor of Miami announced that the city intends to sell 5,000 NFTs made by 56 local artists to represent the city's 56 square miles. The Mastercard Priceless Miami program, which offers experiences, exclusive tours, and activities inside the city, will be accessible to those with the tokens. The city will introduce the initiative in December on the Ethereum blockchain when the chain switches to Proof-of-Stake.
Time Will Serve as Program's Strategist
Time will serve as the program's strategist because the company has recently made advancements in the NFT sector. According to Time President Keith Grossman, the project is a brand-new endeavor for Time, which intends to involve other companies and brands in Web3. Salesforce, a software provider, will take care of the creation and distribution of the NFTs through its recently released product, NFT Cloud, which is now in a closed pilot phase.
Miami as a Global Leader in Cryptocurrencies
Suarez wants to establish Miami as a global leader in cryptocurrencies. He is looking into several methods to integrate the technology into city planning, such as suggesting that some of the city's treasury reserves be converted to bitcoin or pushing the CityCoins protocol. Since he first became interested in technology, the beginning of a crypto winter has gripped certain businesses and sent the value of several cryptocurrencies spiraling downward. According to Suarez, who did not address the market conditions alteration in his remark, Miami intends to participate in the switch to Web3. The city of Miami has been at the forefront of the Web3 revolution, and it will continue to use these new technologies to raise money, provide experiences for locals and tourists, and support current businesses while luring in new ones.