Formula One (F1) has made inroads into non-fungible tokens (NFTs) and the metaverse space with trademark filings ahead of the Las Vegas Grand Prix slated for November 2023.
Indeed, the entity filed two trademarks for the circuit with the United States Patent and Trademark Office (USPTO) on August 23.
The filing was revealed by licensed trademark attorney Michael Kondoudis in a tweet on August 29 and will cover NFTs, cryptocurrencies, insurance, and financial services, virtual clothing, and sports gear, currency trading, and virtual currency services, among others.
F1’s involvement with NFTs
It is worth mentioning that the trademark filings mark Formula One’s collective involvement with the NFT space. However, individual teams on the platform have existing partnerships with crypto-related entities. Notably, some teams like Red Bull have sponsors from the crypto sector.
However, the involvement of crypto in racing has run into trouble in some jurisdictions. As reported by Finbold in July, several Formula 1 teams were forced to remove crypto-related branding during the French Grand Prix. The move was in adherence to France’s stringent crypto advertising regulations.
At the same time, individual teams are F1 team Mercedes-AMG Petronas and crypto exchange FTX announced a joint NFT project that will see several collectibles accompanied by a piece of an actual F1 car.