Formula 1 has begun its journey to establish itself on Web3 by filing eight trademarks for its “F1” abbreviation.
The news was announced on twitter by trademark attorney Mike Kondoudis. According to details, the trademarks were filed on October 5 and cover NFT, virtual goods retail stores, blockchain financial transactions, cryptocurrency trading and mining, and cryptocurrency marketplaces.
Formula One has filed 8 trademarks for "F1" covering:
🏁 Cryptocurrency + NFTs
🏁 NFT + Crypto marketplaces
🏁 Retail stores for virtual goods
🏁 Blockchain financial transactions
🏁 Cryptocurrency trading + mining
… and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8— Mike Kondoudis (@KondoudisLaw) October 10, 2022
According to the trademarks, F1 expects to play an active role in the Web3 space through its trademark covering software to be used with meta tokens, NFTs, cryptocurrencies, digital collectibles and software for exchanging transactions and for digital currency payment.
In addition, Formula One will also offer virtual goods retail store solutions and an online marketplace for sellers and buyers of NFTs and cryptocurrencies.
The trademarks also confirm that F1 will conduct financial transactions through blockchain by offering a digital token or digital currency.
The trademark also covers entertainment services that use virtual goods such as downloadable artwork, digital collectibles, cryptocurrencies, as well as NFTs to be used in virtual, online, augmented and mixed reality environments.
In August, Formula 1 had applied for two trademarks for the Las Vegas Strip circuit.
There is no doubt that NFTs are making their way into every industry, including racing.
The Mercedes-AMG Petronas F1 team announced last April that it was launching a series of NFTs in partnership with FTX, one of the world’s top cryptocurrency exchanges.
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