Formula One registers for two trademarks related to NFTs and cryptocurrency
For the Las Vegas Grand Prix, which is anticipated to take place in November 2023, racing leader Formula One has registered two trademarks pertaining to non-fungible tokens and digital currency.
According to the filings, Formula One intends to sell virtual goods in form of digital art, including jewelry, sculptures, headphones, lanyards, keychains, souvenirs, and sporting goods. Additionally, it plans to provide services for trading in fiat currencies, virtual currencies, and carbon offsets.
On August 23 the organization submitted two trademark applications to the United States Patent and Trademark Office USPTO. The filing was announced by registered trademark attorney Michael Kondoudis in a tweet on August 29. It outlines the trademark and logo for the Las Vegas Strip Circuit. It will also cover NFTs, cryptocurrencies, insurance, and financial services, virtual clothes and sports equipment, currency trading, and virtual currency services, among others that the event intends to offer during next year’s race.
Additionally, as part of the filing, downloadable computer software for managing cryptocurrency transactions using blockchain technology is also mentioned. This may suggest the race and its organizers are planning to accept cryptocurrency payments.
It will include a section of the neon-lit strip, which is surrounded by posh casino hotels, eateries, and a variety of entertainment. According to reports, the track is 3.8 miles long and has a top speed of 212 mph. Formula One purchased a 39-acre plot of land in "Sin City" in May in order to construct the pit and paddock complex.
After the well-known motorsport organization announced in March 2022 that Las Vegas would be the newest addition to the race calendar in 2023, Sin City is ready to host its first-ever Formula One event.
Due to strict local advertising laws, numerous Formula 1 teams had to remove cryptocurrency-related branding during the French Grand Prix in July. In late April, the F1 team Mercedes-AMG Petronas and the cryptocurrency leader FTX together unveiled an NFT initiative, with certain collectibles including a piece of an actual F1 car.
About Formula One :
Over the past few years, Formula One has served as a significant advertising platform for numerous cryptocurrency exchanges. Since joining the roadshow as a global partner, Crypto.com's branding has been prominently displayed on F1 track advertising boards all around the world. Eight of the ten F1 teams are supported by companies in the bitcoin industry, as has been previously reported.
CBW - External Analyst