Formula One Files Trademarks Involving NFTs and Crypto

Competing behemoth Formula One has filed two trademarks linked to non-fungible tokens and cryptocurrency for the 2023 Las Vegas Grand Prix, scheduled for November.

According to the documents, Formula One intends to sell virtual sports equipment, virtual clothes, headphones, lanyards, souvenirs, keychains, digital art, jewellery, and sculptures, among other products.

In addition, it plans to provide exchange services for cryptocurrencies, currency trading, virtual currency services, and carbon offsets.

The urban competition is planned for the heart of Las Vegas. It will include a portion of the neon-lit strip, which is bordered by posh casino hotels, restaurants, and an assortment of activities. The track is reportedly 3,8 miles long, with peak speeds of 212 miles per hour.

Formula One purchased a 39-acre plot in the heart of “Sin City” in May in order to construct the pit and paddock complex.

In June of 2017, the British motor racing team McLaren partnered with the blockchain startup Tezos. In February, the dog-themed cryptocurrency Floki Inu established a branding partnership with Alfa Romeo F1.

During the French Grand Prix in July, numerous Formula 1 teams were compelled to remove cryptocurrency-related logos owing to tight local advertising rules.

In late April, F1 team Mercedes-AMG Petronas and crypto firm FTX unveiled a combined NFT initiative, with certain collectables including a genuine F1 vehicle part.

Also Read: Former SEC Chair Jay Clayton Criticized For The Lack Of Crypto Regulation Clarity