The introductory Las Vegas Grand Prix will be a street race in the center of Las Vegas along a 3.8-mile track with speeds projected to reach 212 mph.
Racing giant brand Formula 1 (F1) in the past week filed two NFT, blockchain, and crypto-related trademarks while preparing for its Las Vegas Grand Prix circuit scheduled to take place in November 2023.
Based on a tweet by trademark attorney Mike Kondoudis, Esq, Formula 1’s preparations for this event include ‘NFTs, crypto, insurance, and financial services, virtual (digital) clothing, sports gear, currency trading, and virtual currency services’ among many other services.
Nonfungible tokens in the form of virtual goods like sporting and vehicle equipment, clothing, decorative items, accessories, digital art, key rings, and many other items will be available.
The financial services that are expected to be made available include:
“Virtual currency services, electronic funds transfer provided via blockchain technology, financial transactions via blockchain, cryptocurrency services, provision of tokens, provision of non-fungible tokens, brokerage of carbon credits and brokerage of carbon offsets”.
The introductory Las Vegas Grand Prix will be a street race in the centre of Las Vegas along a 3.8-mile track with speeds projected to reach 212 mph.
NFTs And Crypto In Sports
NFTs and blockchain technology in general, have been making inroads into the extensive world of sports. Some of its use cases include ticketing systems, digital trading cards, and fan tokens. Notably, there have also been sponsorship deals between sports teams and crypto companies.
For instance, Crypto.com crypto exchange recently signed a kit sponsorship with UFC in a 10-year deal valued at $175 million. That deal covers athlete fight kits, walk-up jerseys and hoodies including some training staff attire. Crypto.com is currently also the official title partner of the Formula 1 Miami Grand Prix.
Other sports organizations sponsored by the cryptocurrency company include the Aston Martin Formula One team, the Serie A football league, Formula One, and the National Hockey League team Montreal Canadians.
In 2021, even before its NFT plans, F1 team McLaren confirmed its strategic technology collaboration with Tezos. As part of this deal, McLaren’s top racers would have Tezos branding on their race suits. These two entities also shared various plans for developing an NFT platform for fans. Crypto company FTX also became a sports sponsor via its partnership with MLB (Major League Baseball).
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