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Formula One plans to provide retail store services in virtual goods and a marketplace where transactions of cryptocurrencies and NFTs can occur.
Popular Racing Sports, Formula One, filed trademarks associated with the cryptocurrency and the NFT world. The race-car league registered eight trademarks under its well-recognized “F1” abbreviation. The registration depicts that F1 is planning to play a vital role in Web3. Under the trademark, it registered cryptocurrency, meta tokens, digital collectibles, and NFTs. Also, the trademark will provide software that would aid digital currency payment and exchange transactions and other fantastic services.
Service Formula One Plans to Provide under Its NFT and Crypto-related Trademarks
Formula One plans to provide retail store services in virtual goods and a marketplace where transactions of cryptocurrencies and NFTs can occur. Mike Kondoudis, a licensed trademark attorney, released details about the Formula One trademark registration. In his tweet, the trademark registrations cover cryptocurrency, NFTs, crypto marketplace, retail stores, cryptocurrency trading, and mining alongside blockchain financial transactions. Notably, the company put in the registrations on October 5, 2022.
Additionally, the racing league will participate in financial transactions that have the support of Blockchain technology by offering a digital currency. The trademark will feature entertainment services using virtual goods. Users can access downloadable artwork, cryptocurrency, digital collectibles, crypto collectibles, and NFTs in online, virtual, augmented, and mixed-reality environments. It will also allow for preparations for entertaining programs in these environments.
The racing giant had previously registered NFT-related trademarks for the upcoming Las Vegas Grand Prix event. The event will take place in November 2023. The two registrations were with the United States Patent and Trademark Office (USPTO). Formula One plans to list its brand and logo on a wide range of goods and services during next year’s event.
More Motor Racing Firms Embrace Blockchain Technology
Lately, motor racing companies have been making wild moves into the blockchain. There have been announcements of partnerships, indicating the increasing integration of the new technology. The British motor racing team McLaren announced a mutual deal with Tezos. Tezos, a popular blockchain project, is an open-source blockchain that performs P2P transactions. In February, Floki Inu, a rival to popular canine-themed tokens, Shiba, collaborated with Alfa Romeo F1. In addition, FTX crypto exchange struck a deal with F1 team Mercedes-AMG Petronas. However, the racing sports regulators had no formal knowledge of these deals. A few months ago, the regulators gave instructions to some Formula teams not to brand any cryptocurrency-related platform.
Several brands are delving deep into the Web3 economy even though it’s still in its budding stage. Formula One has joined the endless list of traditional companies in Web3 by making crypto and NFT-related trademark registration. The potential of Web3 is getting brighter for most firms. In fact, asset managers are getting involved in the space. Bitwise, an exchange-traded fund (ETF) firm, launched a Web3 specially designed for institutional and retail investors. Globally, there has been an upshot in the Web3 adoption.