F1 has plans to play an active role in the Web3 ecosystem, show proposed trademarks.
Formula One intends to provide software for use with crypto, and non-fungible tokens
Photo Credit: Unsplash/ Spencer Davis
Racing giant Formula One has announced that it has filed eight trademarks for its ‘F1' abbreviation across several sectors of the crypto industry. The move means the popular car racing body is looking to gather a strong foot across the Web3 ecosystem. According to Washington DC-based licensed trademark attorney Mike Kondoudis, the car racing competition body filed eight trademark applications on October 5 that include cryptocurrencies, non-fungible tokens (NFT), crypto markets, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain-based financial transactions.
As per the filing, Formula One intends to provide software for use with cryptocurrencies, digital collectibles, and non-fungible tokens.
Additionally, this software will handle cryptocurrency trading and payment activities. Retail store services for virtual commodities are the subject of another filing.
Formula One also plans to establish an online marketplace for cryptocurrency buyers and sellers. It aims to use blockchain technology to simplify financial transactions.
The racing body might also choose to provide entertainment services through the use of virtual products like non-fungible tokens (NFTs) in online virtual worlds and mixed-reality settings. One of the trademark files mentions cryptocurrency-related intellectual property licensing services.
That said, crypto-linked forays aren't new to Formula 1. In late August, F1 also filed NFT-related trademarks for the upcoming Las Vegas Grand Prix event, which is slated to take place in November 2023.
Last June, British motor racing team McLaren announced partnership with Tezos, one of the most prominent blockchain projects while this February, Shiba Inu rival Floki Inu joined the list of cryptocurrencies forming motor racing collaborations by inking a deal with Alfa Romeo F1. In April, leading cryptocurrency FTX joined forces with F1 team Mercedes-AMG Petronas.
However, crypto regulators are not particularly fond of such deals. In April, some Formula 1 teams were asked by such regulators to ditch cryptocurrency-related branding in order to comply with local advertising rules during the French Grand Prix.
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