It has recently come to light that Formula 1 has made applications for trademark registrations, in those covering NFT, metaverse, cryptocurrencies, trading platforms and more.
A new trademark application from a new applicant has once again come to light, thanks to news from trademark licensing attorney Mike Kondoudis.
Apparently, Formula 1 is looking to establish itself on the web 3.0 through eight (8) trademarks that have recently filed for registration with the USPTO. F1 is the world’s largest and most important international motor racing league.
As announced by the lawyer through its social networks, F1 filed last October 5 an application for the registration of eight trademarks in which it would cover cryptocurrencies, non-fungible tokens or NFTs, trading platforms, cryptoasset mining, metaverse-linked activities and financial transactions through blockchain.
One of the main actions sought with these applications is to protect the trademark for use in virtual goods, ranging from virtual clothing and beverages to avatars.
They also contemplate online games, online stores and the creation of an online community. On the other hand, it seeks to register the storage and authentication of data through Blockchain technology. Other issues they would be looking for is the custody, control and trade of digital works, NFT, among others.
Apparently, in addition to software, F1 is looking to offer virtual goods store services, as well as a marketplace for buyers and sellers of NFT and cryptocurrencies.
F1 will also take advantage of entering into financial transactions through blockchain, in which they would have their own token.
Although this is the first official registration by F1, earlier in August the Formula 1 Las Vegas Circuit had registered with the metaverse.
Also in June 2021, the British McLaren Racing team had stated that it planned to build an NFT platform on the Tezos blockchain. Several months later, and just a few days ago, Tezos stated that it had already formalized the agreement to be one of the sponsors of the McLaren Racing team. For its part, McLaren is committed to develop an NFT platform on the Tezos blockchain, so that its fans can later join.
After this agreement we can recall those made by other companies, such as RedBull that signed an agreement with FutureCoin and Bybit, Ferrari with Velas, and many other teams.
Among those agreements, we can mention the one announced at the end of April by the FTX platform, regarding its partnership with the Mercedes-AMG F1 team for the launch of the NFT collection on the Miami Grand Prix. The collection was launched through the Solana network and was initially available through the FTX platform.
In addition to F1, the Tezos blockchain has already taken part in other sports such as the case of having signed as a partner of an eSports team, the so-called Team Vitality.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express