Formula One Files Trademarks Related To NFTs And Crypto

In preparation for the Las Vegas Grand Prix event, which is set to take place in November 2023, Formula One has filed two trademarks related to non-fungible tokens and cryptocurrency.

Formula One intends to sell virtual products such as athletic equipment, virtual clothes, headphones, lanyards, souvenirs, keyrings, digital art, jewelry, sculptures, and other items, according to the documents. It also plans to provide cryptocurrency exchange, currency trading, virtual currency services, and carbon offsets.

The street race will take place in the heart of Las Vegas. It will include a section of the neon-lit strip, which is lined by premium casino hotels, restaurants, and a variety of other attractions. The track is believed to be 3.8 miles long, with high speeds of 212 miles per hour. Formula One purchased a 39-acre land in the heart of “Sin City” in May to construct the pit and paddock complex.

McLaren, the British motor racing team, partnered with blockchain project Tezos in June. In February, the dog-themed cryptocurrency Floki Inu announced a partnership with Alfa Romeo F1.

Due to stringent local advertising regulations, numerous Formula One teams were forced to remove cryptocurrency-related branding during the French Grand Prix in July. In late April, F1 team Mercedes-AMG Petronas and crypto behemoth FTX unveiled a combined NFT project, with certain collectibles including a piece of an actual F1 car.

Recently, famous music star Miley Cyrus has also filed a trademark application to participate in the metaverse.

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