Miami is betting on Web3 to boost revenue for local businesses and nonprofits.
The city of Miami, called the Capital of Latin America in the United States by Time, has announced the launch of a Web3 project with which it plans to boost its development.
The city's mayor and Bitcoin enthusiast, Francis Suarez, reported that Miami has partnered with major companies Time, Mastercard and Salesforce, to develop a new project that will have an innovative approach towards Web3.
In a Press releaseSuarez detailed how the city plans to use new technologies to help its local entrepreneurs and non-profit organizations by implementing new services and products based on blockchain and Web3.
“The City of Miami has been at the forefront of the web3 revolution and we will continue to employ these new technologies to support our existing businesses”, Suarez reported.
The mayor of Miami is known in the crypto industry for being one of the most Bitcoin-friendly and enthusiastic American politicians, who has been encouraging the adoption of cryptocurrencies, showing his citizens the potential and benefits that this industry can offer.
Miami was the first US city to support the initiative of having its own local cryptocurrency built on the Bitcoin blockchain, through the City Coin project. The local cryptocurrency, called Miami Coin (MIA), generated $5,25 million in revenue for the city in February of this year.
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Miami NFT collection will have almost 5.000 works of art
Later this year, the city of Miami will launch a unique NFT collection, whose artworks will be made by local artists and creators from the city. According to Suarez, This collection will have almost 5.000 NFTs designed by 56 local Miami artists, that They represent the 56 square mile area of the city..
The NFTs in this crypto lesson will be based on the Ethereum blockchain, which is expected to have completed the migration of the mainnet from the Proof of Work (PoW) consensus protocol to the Proof of Stake (PoS) consensus protocol by the aforementioned date.
Suarez explained that these NFTs will not only help boost art and culture, but will also allow the city to support local businesses, attract new ones, raise capital, and provide new and better experiences to its citizens and visitors. At the same time, Miami’s NFT collection will allow the city to support its artist community and existing charities.
On his Twitter account, Time president Keith A. Grossman, said that the city of Miami will give an unprecedented boost to the Web3 industry.
The NFTs will be created by Salesforce, which will handle the minting and sale of these digital assets through NFT Cloud, while Mastercard will join forces with the city's entrepreneurs to boost the utility of these NFTs through invaluable experiences, as noted by Raja Rajamannar, director of marketing and communications at Mastercard.
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