Formula One Files Patents For Crypto, NFTs, And Metaverse

Formula One has expanded its involvement in the cryptocurrency industry. This time, the racing league plans to establish an online marketplace for cryptocurrencies, metaverse coins, digital collectibles, and non-fungible tokens (NFTs).

Mike Kundoudis, an attorney for intellectual property, said in a 10 October blog post that Formula One had submitted fresh trademark registrations. Using its internationally recognizable “F1” acronym, F1 seeks to establish itself inside the NFT and metaverse ecosystem.

On October 5, Kondoudis stated that the car racing league has filed eight trademark applications covering cryptocurrencies, non-fungible tokens (NFTs), and the crypto market with the United States Patent and Trademark Office (USPTO). In addition, the speed-car racing league has submitted trademark applications for virtual goods retail outlets, cryptocurrency trading and mining, and blockchain financial transactions. Formula One anticipates offering an online marketplace for cryptocurrency and NFT buyers and dealers.

Formula One intends to take an active part in the rapidly growing Web3 environment, as seen by its eight trademark filings. Formula One plans to release blockchain-powered software that will enable NFTs and digital currencies. Mercedes-AMG Petronas, a Formula One racing team, signed a new cooperation with crypto exchange FTX earlier this year to launch the NFT project, which features collectibles with a piece of a real F1 vehicle.

In addition, Formula One submitted two trademark applications to the United States Patent and Trademark Office in August. According to a trademark application, the racing league intends to brand and market an extensive variety of products and services during the 2023 Las Vegas Grand Prix. Formula One has joined a number of other prominent companies seeking visibility in the Web3 economy, which is still in its infancy.