Formula One (F1) keeps making progress in the areas of non-fungible tokens (NFTs) and the metaverse. It has already filed trademarks in these areas in preparation for the Las Vegas Grand Prix circuit, which will take place in November 2023.
The filing was made on October 5 with the United States Patent and Trademark Office (USPTO). On October 10, NFT and metaverse licensed trademark attorney Michael Kondoudis tweeted about it.
Mr. Kondoudis says that the trademark filings will also include licenses for cryptocurrency, NFTs, and crypto marketplaces, retail stores for virtual goods, blockchain financial transactions, cryptocurrency trading, mixed reality environments, and crypto mining, among other things.
It’s important to note that some Formula One teams already have collaborations with crypto-related companies. Some teams, like Red Bull, have sponsors in the cryptocurrency industry.
Formula 1 and crypto
Using cryptocurrencies in motor racing has induced legal problems in many countries and regions. Finbold said that during the French Grand Prix in July, many Formula 1 teams were told to take down any branding that had to do with cryptocurrencies. France has very strict laws against crypto advertising, which is why this was done.
At the same time, separate teams like Mercedes-AMG Petronas and the cryptocurrency exchange FTX launched a joint NFT initiative. As part of this project, a piece of a real F1 car will be included with a number of collectibles.
On the other hand, CryptoDATA Tech, a Romanian company that makes hardware and software security solutions based on blockchain technology, is a sponsor of MotoGP for a number of years.
As the metaverse has grown, more and more car companies have started to use it to connect with their fans and customers. Even though the idea is still being worked on, the involvement of big brands could have an effect on the industry.
Finbold said in May that British luxury supercar maker McLaren Automotive had worked with MSO LAB to make one-of-a-kind, limited-edition McLaren NFTs.