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Formula One is diving deeper into the blockchain business as its intention to do more business related to the Metaverse, non-fungible token (NFT), and cryptocurrency was revealed after it filed to trademark the “F1” brand for digital assets.
Formula One submitted a total of eight trademark applications for “F1” NFT, Metaverse, and crypto at the United States Patent and Trademark Office. As per CoinTelegraph, the international racing organization is planning to create an online marketplace for various digital assets, including crypto-collectibles, digital tokens, meta tokens, and NFTs, as it is looking to establish itself in the Web3 ecosystem through its new F1 trademarks.
The trademark filing was revealed on social media by Mike Kondoudis, a licensed lawyer specializing in trademarks. In his post on Monday, Oct. 10, Formula One submitted the application on Wednesday, Oct. 5. Based on Kondoudis’ tweet, Formula One’s eight F1 trademarks covers marketplaces for cryptocurrency plus NFTs, retail stores for virtual goods, cryptocurrency trading and mining, blockchain financial transactions, and NFT plus crypto.
The new F1 trademarks only suggest that Formula One has big plans to be highly active in the Web3 ecosystem that is growing fast. The racing organization will also apply the trademarks it filed for software that can be used for digital currency payments and exchanges.
Formula One is aiming to open an online marketplace for crypto buyers and sellers as well. This will also serve as its retail store for all of its digital assets. The trademark also extends to entertainment services that will have their digital versions, such as collectibles and artworks.
This is Formula One’s second trademark filing this year. In August, it registered two with the USPTO for the Las Vegas Strip Circuit event that will take place in 2023. In this filing, its brand and F1 logo are to be featured in a variety of goods and services during the race.
With its trademark filings for crypto and NFTs, Formula One has now become one of the few major firms to dive and expand into the Web3 ecosystem, which is still in its early stage of development.
