Formula 1 has filed two new Web3 trademarks for its Las Vegas Strip circuit, a tweet from patent attorney Mike Kondoudis revealed Monday. The application was filed with the U.S. Patent and Trademark Office (USPTO) on Aug. 23.
Formula One has filed 2 trademarks for LAS VEGAS STRIP CIRCUIT claiming plans for:
▶️Insurance + financial services
▶️Virtual clothing + sports gear
▶️Currency trading + Virtual currency services
…and more!#NFTs #Metaverse #Crypto #Web3 #F1 #LasVegas pic.twitter.com/AfMj6R19TW
— Mike Kondoudis (@KondoudisLaw) August 29, 2022
This comes after Formula 1 announced in March that Las Vegas will host the night race in November next year.
List of products and services to be offered
The lists of products and services covered by both brands are extensive and consist of virtual and real-life items. However, the International Class 9 products and services reveal NFT’s plans, as well as virtual reality and digital wearables for the metaverse.
More specifically, they include non-fungible tokens (NFTs), which are digital certificates of ownership representing virtual goods in relation to sports equipment, vehicle equipment, decorative items, clothing, clothing accessories, handbags, wallets, umbrellas, lanyards, ear protectors, headphones, games, toys, souvenirs, trinkets and a long list of items.
Other services covered include an online marketplace for cryptographic collectibles and online retail store services with the virtual goods listed above, as well as virtual reality devices; virtual reality models; virtual reality software; downloadable digital media, including digital collectibles; downloadable virtual goods, namely software in connection with sports teams are also covered by trademark applications.
Formula 1 and its plans on the Web3
Formula 1 may also have plans to offer financial services, including electronic wallets and cryptocurrencies; electronic transfer of cryptoassets; foreign exchange services; currency trading; virtual currency services; electronic transfer of funds provided through blockchain technology; financial transactions through blockchain; cryptocurrency services, namely providing a digital currency or digital token for use through a global computer network.
According to the goods and services included in International Class 42, Formula 1’s other plans to use blockchain include data storage via blockchain and data authentication via blockchain.
Although it has introduced two new Web3 brands, this is not Formula 1’s first step into this space.
Formula One has signed a nine-year partnership with Crypto.com for the Miami Grand Prix.
In May, the two entities joined forces to create NFTs generated by speed, sound and data from the Miami race.
Recently, Hooters, Taco Bell , KFC, Burger King, Panera Bread, McDonald’s, Wingstop, Panda Express, Tyson Foods, Carl’s Jr. and others have already filed trademark applications to express their intentions to enter the metaverse with virtual food and beverages and offer NFTs.
Likewise, Champion, Under Armour, Herman Miller , Tommy Hilfiger, Louis Vuitton and Carhartt have already filed similar trademark applications.
This filing of trademarks related to cryptocurrencies and NFTs will be for the Las Vegas Grand Prix event which is scheduled for November 2023.
#F1 is coming to @vegas November 2023! Pre-register for tickets at https://t.co/9DLWKkQlVv! #LasVegasGP pic.twitter.com/JgKBBHoKOR
— F1 Las Vegas (@F1LasVegas) August 29, 2022
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