It appears that racing fans may soon gain access to NFTs (non-fungible tokens). Formula One, the premier racing organization, has recently submitted applications for patents related to NFT and crypto-linked initiatives. The submitted patents seem to be related to ideas that will be implemented in conjunction with the October 2023 Las Vegas Grand Prix.
According to official papers, Formula One intends to produce a variety of digital items, including computer applications related to headphones, apparel, wallets, etc., and also NFTs. Formula One will also provide financial services, including e-wallets and cryptocurrencies, according to a document dated August 23, 2022. It is yet unknown what precisely will result from this.
It is too premature to determine if the majority of non-fungible tokens associated with sports are collectibles or some kind of fan access tool. Ironically, the file includes carbon credit and carbon offset trades. It is customary for NFT ventures to negate their green emissions in order to be more eco-sustainable.
With the launch of Formula One’s future initiatives, it’s possible that this may be included. Eventually, all relevant information will be made available to the public.
