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Oct 11, 2022

Formula One jumps into NFTs, crypto and metaverse with ‘F1’ trademarks

Metaverse, News, NFT News
Formula One's NFT with 'F1' trademarks

SNEAK PEEK

  • Formula One has filed 8 new trademark applications.
  • The racing competition is looking forward to establishing an online market for digital collectibles, cryptocurrency, NFTs and meta tokens.
  • Formula One is one of the many brands to enter the Web3 economy despite it being in its early stages.

Formula One has begun its journey of establishing itself in the Web3 upon filing eight trademarks for its ‘F1’ abbreviation.

The news was shared by trademark attorney Mike Kondoudis on Twitter. Based on the details, the trademarks were filed on October 5 and cover NFTs, retail stores for virtual goods, blockchain financial transactions, cryptocurrency trading &  mining and crypto marketplaces. 

According to the trademarks, F1 is looking forward to performing an active role in the Web3 space via its trademark covering software to be used with meta tokens, NFTs, cryptocurrency, digital collectibles and software to exchange transactions and for digital currency payment. Other than this, Formula One will also offer retail store solutions in virtual goods. An online market for sellers and buyers of NFTs and cryptocurrencies will be offered as well.

The trademarks also confirm that F1 will enter into financial transactions through blockchain via offering a digital token or digital currency. The trademark also covers entertainment services that utilize virtual goods such as downloadable artwork, digital collectibles, crypto-collectibles, cryptocurrency as well as NFTs to be used in virtual, online, augmented & mixed-reality environments.

In August, Today NFT News reported that Formula One filed for two trademarks for the Las Vegas Strip Circuit. 

Both the company’s logo and brand were to be featured on a number of products and services in the race scheduled for next year.

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About The Author

Manjul Mishra

Manjul is fond of writing news, blogs & articles based on NFT, crypto and metaverse. With years of experience in writing, she knows how to entice the audience and keep their interest in place. Chasing the most recent moves happening in the technological world, she conveys them through her writing. Apart from writing, she is inclined towards music in her free time.