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NFT: Formula One files trademarks for 2023 Las Vegas Grand Prix
Formula One filed trademarks for the 2023 Las Vegas Strip Circuit Grand Prix. The international racing for open-wheel single-seater formula racing cars group listed the new trademarks under cryptocurrency and non-fungible token or NFT.
This means that Formula One intends to release a variety of goods and offer exclusive services under the brand it has trademarked. Apparently, it is jumping into the virtual or metaverse space through its latest filings before the Las Vegas Grand Prix takes place in November 2023.
Formula One appears to be preparing to launch its NFTs, digital collectibles, and possibly even its own crypto payment support to sell items related to the Las Vegas Grand Prix. According to CoinTelegraph, the F1 filed two trademarks for the circuit with the United States Patent and Trademark Office (USPTO) on August 23.
F1’s trademark filing was revealed via social media post by licensed trademark lawyer, Michael Kondoudis earlier this week. He shared that Formula One’s filing covers non-fungible tokens, insurance, cryptocurrencies, virtual clothing, virtual sports gear, wallets, bags, financial services, currency trading, virtual currency services, and more.
Formula One has filed 2 trademarks for LAS VEGAS STRIP CIRCUIT claiming plans for:— Mike Kondoudis (@KondoudisLaw) August 29, 2022
▶️Insurance + financial services
▶️Virtual clothing + sports gear
▶️Currency trading + Virtual currency services
...and more!#NFTs #Metaverse #Crypto #Web3 #F1 #LasVegas pic.twitter.com/AfMj6R19TW
F1 trademarked the logo for the Las Vegas Strip Circuit as well as an extensive list of goods and services that will be made available during the race next year. The filing further noted that under NFTs, Formula One branded items including perfumes would be represented as virtual items that can be owned by fans and sports enthusiasts.
As per CoinSpeaker, the Las Vegas Grand Prix is a first in Sin City, so this is an inaugural event. The race will take place in the center of Las Vegas and will run on a 3.8-mile track with speeds that are expected to reach as much as 212 mph. Sin City’s first-ever Formula One race is the newest addition to the race’s schedule in 2023.
Meanwhile, aside from Formula One, many other sports teams and groups have also jumped into cryptocurrencies such as the National Hockey League, the National Basketball Association, and the National Football League.