Formula 1, the world’s largest racing organization, has filed two separate trademark applications for NFT and cryptocurrency.
In the world of Formula 1 racing, many crypto companies are already collaborating with organizations or teams. It is possible to come across crypto companies above teams such as the British racing team McLaren, the reigning champion RedBull and the Italian Alfa Romeo. In organizations, they are also featured on runway signs. Now Formula 1 is taking steps to create a brand of its own.
NFT and Cryptocurrency Brand Application from Formula 1
Formula 1 has filed two NFT and crypto-related trademark applications for the Las Vegas Grand Prix event in November 2023.
In the Twitter post of trademark attorney Mike Kondoudis, who has announced almost all trademark applications, it is stated that Formula 1 has made an NFT and crypto-focused trademark application.
Formula One has filed 2 trademarks for LAS VEGAS STRIP CIRCUIT claiming plans for:
▶️NFTs
▶️Cryptocurrency
▶️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
According to the filings, Formula 1 plans to offer virtual goods, sports equipment, virtual apparel, headsets, lanyards, souvenirs, key chains, digital arts, jewellery, sculptures and more. It also aims to offer currency trading and carbon offsets with crypto services.
Prior to the trademark application, in May Formula 1 purchased 39 acres in the center of “Sin City” to build the pit and paddock complex.
The street race, which was highlighted with a special event last year, will take place in the very center of Las Vegas.
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