Note that Francis Suarez has long been known in the coin industry as a big fan of cryptocurrencies. In general, he not only promotes digital assets, but also invests in them himself. Suarez first talked about his willingness to invest in coins in February 2021. As he noted at the time, he is considering Bitcoin, Etherium and DOGE among the possible options for purchase.

Now, however, the official’s focus has shifted to non-interchangeable tokens, i.e. NFTs.

Who is creating the new NFTs?

TIME will develop the strategy to promote the NFT collection, while Mastercard will offer token holders exclusive bonuses in the form of access to private events or private cultural tours of the city. Meanwhile, Salesforce will handle all issues related to the issuance and sale of NFTs.

TIME president Keith Grossman shared some interesting details about the situation in an interview with news outlet Decrypt. It turns out that the NFT project at the Miami City Hall level will be the first collaborative initiative in the magazine’s history to issue unique tokens. Overall, the main philosophy of the NFT collection will be to provide a unique experience to token holders. Here’s his cue.

The artwork associated with the token will depict the stunning diversity within the city of Miami.

That is, the main components of the NFT collection will focus on Miami, which makes sense overall.

Suarez himself also commented on the initiative. Here’s his quote, in which the official shares details of what’s going on.

We will continue to introduce new technology to support businesses and attract new investors.

Miami Mayor Francis Suarez

Note that TIME has messed with cryptocurrencies before. In particular, in the spring of 2021, representatives of the publication launched the sale of three iconic covers from its own issues. And the deals turned out to be quite successful.

The mayor seems to have remained true to his passion for cryptocurrencies, even despite the rapid decline of the cryptocurrency market in recent months. As a reminder, Suarez has previously expressed his support for Bitcoin and some altcoins on more than one occasion. By the way, back in December last year, Suarez announced his desire to switch his own pension plan to cryptocurrency funding.

Salesforce’s NFT Cloud

The NFT-collection is still in the development stage, and there is no detailed information about the terms of the token sale at the moment. From what is known: the sale will take place on the NFT Cloud platform, which is being developed by Salesforce and is also a pilot project at the moment. According to a press release from the city hall, the deadline for the launch of the NFT collection is December 2022.

Read also: Why Bitcoin is too big for regulation: response from Miami Mayor Francis Suarez.

At the city level, the new NFT collection is also not the first municipal initiative in the cryptosphere. Previously, the mayor’s office issued its own MiamiCoin (MIA) token, which was supposed to be an additional source of revenue for the local budget. Miami residents were able to hold MIA in their cryptocurrency wallet and even pay with the coin for some goods and services from local businesses.

The token did bring in money - about $8 million in revenue in the first two months after its launch. However, the hype around it quickly subsided. The value of MIA is now down almost 98.9 per cent from its all-time high.

The price of MiamiCoin

So far, the mayor’s office has blocked most of the token’s supply in staking to generate additional revenue in BTC. Mayor’s representatives report that there could be a lot of interesting news surrounding MiamiCoin later on. The token itself may well regain the lion’s share of popularity during the next bullish trend. Especially if the authorities make its use and ownership profitable for residents.

Miami is making a big contribution to shaping that very trend - an initiative with an entire city level NFT is sure to attract investors and make the digital asset industry more popular. We think this collection will be of interest even to those who are currently staying away from the crypto market but care about what's going on in the city. In any case, the news will have a positive effect on the whole cryptosphere in the long run, as such measures make it much more well-known.

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