The city of Miami and more importantly its Mayor continue to embrace crypto and blockchain even in a bear market. Last year the city really set itself up to reap huge rewards with the crypto and Web3 crowds by holding several large crypto events and the mayor himself having part of his salary paid in Bitcoin. While the city still prides itself in being a Bitcoin city it has just announced some pretty big Ethereum plans!
To celebrate the transition of Ethereum from proof-of-work (PoW) to proof-of-stake (PoS) the city will be releasing 5,000 NFTs on the Ethereum blockchain. For this project, 56 different artists, representing the 56 square miles of Miami, have been tasked with designing the NFTs. Each holder of an NFT will be offered exclusive benefits for future events at various restaurants and private cultural tours in the city.
The partners that Miami chose were pretty interesting because they are not common names in the crypto space right now and fall much more into the category of a legacy business. For the NFTs, the city is partnering with TIME magazine publisher Time USA, Mastercard, and Salesforce. With more companies embracing the idea of Web3 and the crypto space overall it is not surprising to see these companies attempt to adapt since their business models are threatened.
While most of the partners made sense one of them stuck out to me as pretty odd. That partner is Time USA since it will be their first foray into helping another entity deploy an NFT project. Since they are in charge of defining the city's NFT strategy and executing the project it seems to me to be a little weird of a fit. On the other hand, Mastercard's job of handing the exclusive benefits makes a ton of sense as they are a huge payments processor. They already have experience dealing with both customers and businesses as well as having a points program that allows individuals to redeem points for experiences. Not to be forgotten Salesforce will manage the NFTs' minting and primary sales with its new NFT Cloud platform. Since this project has yet to be released it will be interesting to see how it performs. Salesforce is a well-known and respected software company so I would expect the product to be solid and safe as opposed to some of these crypto startups that suffer from issues that quickly tank the product.
With other cities following Miami's lead for the last couple of years, I will be watching to see if this spurs any other major cities or tourist hot spots to follow suit and launch NFTs as well. I am a huge proponent of NFTs being used as tickets and having special access/rewards built into them like these Miami ones are supposed to have. This really embraces the vital utility idea of NFTs that will be key for their development and deployment moving forward.
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