The Formula One (F1) racing competition has major plans to set up an online marketplace for crypto, Metaverse tokens, crypto collectibles, digital collectibles, and nonfungible tokens (NFTs).
Formula One is aiming to establish itself within the Web3 space with up to eight recently filed trademarks for its globally recognized ‘F1’ abbreviation.
Based on the licensed trademark attorney Mike Kondoudis, the race-car league filed eight trademark applications on October 5 covering crypto, crypto marketplaces, nonfungible tokens, crypto trading and mining, retail stores for virtual goods, and blockchain financial transactions.
Formula One has filed 8 trademarks for "F1" covering:
🏁 Cryptocurrency + NFTs
🏁 NFT + Crypto marketplaces
🏁 Retail stores for virtual goods
🏁 Blockchain financial transactions
🏁 Cryptocurrency trading + mining
… and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8— Mike Kondoudis (@KondoudisLaw) October 10, 2022
The filed trademarks indicate that F1 has massive plans to play an active role in the nascent Web3 space with its trademark covering software for use with crypto, meta tokens, NFTs, and digital collectibles. It will also cover software for various digital currency payment and exchange transactions.
Beyond software, Formula One said that it also plans to offer retail store services in virtual goods, and offer an online marketplace for the buyers and sellers of nonfungible tokens and cryptos.
Based on the trademark that was filed, F1 will also dabble in different financial transactions through blockchain technology by offering a digital currency or digital token. The scope of the trademark also extends greatly to the entertainment services using virtual goods including downloadable artwork, crypto, digital collectibles, NFTs, and crypto-collectibles for use in online, virtual, mixed-reality, and augmented reality environments.
In August, reports emerged that F1’s trademark department registered two new trademark filings with the United States Patent and Trademark Office (USPTO) for the Las Vegas Strip Circuit, where the firm’s brand and logo were going to be listed on a wide range of goods and services during 2023’s race.
F1 is among several major brands that seek exposure to the Web3 economy that is still in its infancy stages. Asset managers have also recognized that there is potential with exchange-traded fund (ETF) issuer Bitwise recently launching a Web3 ETF for institutional and retail investors.
