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Formula 1 Goes Big on Web3; File a Trademark Application for NFT

The International Motor Racing Organization, Formula 1has just filed two trademark applications related to non-fungible tokens (NFTs) and cryptocur

Formula 1 Goes Big on Web3; File a Trademark Application for NFT


The International Motor Racing Organization, Formula 1has just filed two trademark applications related to non-fungible tokens (NFTs) and cryptocurrencies.

Behold motorsports fans! The racing giant Formula Onehas announced that it has registered trademarks of NFT and virtual reality (metaverse) for the Las Vegas Strip circuit, which is expected to take place in November 2023. According to the documents filed, Formula 1 intends to offer cryptocurrency exchange services, currency trading, virtual currency services, as well as carbon offsets. The racing organization also plans to offer virtual goods in the form of sports equipment, virtual clothing, headsets, lanyards, souvenirs, key chains, digital art, jewelry, sculptures and other items.

Despite the market crash, companies bet on cryptocurrencies

This comes at a time when the cryptocurrency market reels under great turbulence. On August 29, the trademark attorney, Mike Kondoudis, took to Twitter to explain the filing of the trademark application. According to Kondoudis, the world’s largest racing organization plans to launch NFTs before 50 lap Grand Prix in Las Vegas.

The event could use an NFT-based ticketing service, such as that of the 2022 Super Bowl. Additionally, F1 is likely to sell some NFT-based virtual goods that can be used in games or on the market. metaverse.

It is not the first time that F1 has immersed itself in the world of cryptocurrencies. In February 2022, the Singapore-based cryptocurrency exchange, Crypto.comannounced a collaboration with F1 as the official sponsor of the Miami Grand Prix celebrated in the month of May. Most of the F1 teams have sponsorships with cryptocurrency companies. The two best teams in F1 so far this season, Red Bull and ferrarihave announced new cryptocurrency deals in recent months.

Cryptocurrencies are here to stay

Ferrari has been working with the blockchain company, Candleswhile Red Bull has signed an agreement with the cryptocurrency exchange, bybit. Other leading Formula 1 teams have raised significant cryptocurrencies as sponsors. McLaren has a long-term agreement with OKXwhich makes the cryptocurrency one of the main sponsoring partners of the team.

The CEO of McLaren Racing, Zack Brown, stated that there is an exponential increase in the adoption of cryptocurrency. He added that he is “quite fascinated and excited about cryptocurrencies” and that he has personally invested in a diversified portfolio of cryptocurrencies. He even the creator of Dogecoin, Billy Markus, expressed his desire for DOGE to sponsor the Haas F1 team. Brown said,

«Cryptocurrencies are a massive industry. It is clearly here to stay and is a big part of the economic future.«