Time magazine is assisting the city of Miami in a plan to offer 5,000 Ethereum NFTs designed by 56 local artists later this year.
Time is guiding the strategy, developing the creative and launching the initiative, according to an announcement from the city.
Salesforce will handle the minting and selling of the NFTs (non-fungible tokens) through its new product, NFT Cloud. Mastercard will provide cardholders with events at local Miami restaurants and curated private tours of Miami cultural institutions.
The city says the program will benefit local businesses and nonprofits. The artists will represent the urban center's 56 square-mile area.
"This initiative will provide a unique opportunity for the city of Miami to build deeper connections with residents and visitors alike,” states Keith A. Grossman, president of Time.
Grossman adds, “As we’ve evolved Time into the web3 space over the past year and a half, we have uncovered new ways to engage consumers and create exciting new revenue streams for our industry.”
The announcement comes just weeks after Grossman was quoted as saying that he hoped to migrate all future subscriptions into NFTs of “TIMEPieces,“ the collection launched last year.
Time has airdropped over 20,000 NFTs since launch, realizing a $10 million profit and $600,000 for charities, CNBC reports. In addition, it accepts 33 cryptocurrencies for digital subscriptions, CNBC adds.
“Forget Bored Apes for a second,” Grossman said, according to CNBC. “When you move out of the collectible space and focus on the community [of creators and artists] … the tokens not only allow you to verify ownership, but it allows them to affix a royalty on future sales.”
Miami Mayor Francis X says the city 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.”