With trademark registrations made in advance of the Las Vegas Grand Prix scheduled for November 2023, Formula One (F1) has gained ground in the non-fungible tokens (NFTs) and metaverse space.
In fact, on August 23 the organization published 2 trademark applications to the USPTO for the circuit.
The filing, which will include NFTs, cryptocurrencies, insurance, and financial services, virtual clothes and sports equipment, currency trading, and virtual currency services, among others, was revealed by registered trademark attorney Michael Kondoudis in a tweet.
It is crucial to note that Formula One’s involvement in the NFT space is indicated by the trademark registrations.
Individual teams on the platform, however, already have relationships with organizations engaged in the crypto industry. Notably, some teams, notably Red Bull, have cryptocurrency industry sponsors.
However, certain governments have had issues with the use of cryptocurrencies in racing. Several Formula 1 teams were obliged to remove cryptocurrency-related branding at the French Grand Prix.
The action was taken in keeping with France’s strict regulations on cryptocurrency advertising.
The F1 team Mercedes-AMG Petronas and the cryptocurrency exchange FTX concurrently unveiled a joint NFT project that will see a number of collectibles accompanied by a piece of an actual F1 car.
Due to expansion of the metaverse idea, a lot of manufacturers have progressively entered the market to interact with fans and clients.
In addition, the involvement of well-known brands might be seen as a potential influence on the industry, despite the fact that the concept is still in the stage of development.
Finbold revealed in May that an exclusive, limited-edition McLaren NFTs were the result of a collaboration between MSO LAB and the British luxury supercar maker McLaren Automotive.
Hyundai Motor is also predicted to introduce NFTs that reflect its mobility solutions that are a part of the “Metamobility Universe,” which the automaker will reveal at CES 2022.
On the other hand, CryptoDATA Tech, a Romanian company that develops hardware and software cybersecurity solutions based on blockchain technology, also secured a multi-year sponsorship agreement with MotoGP.