F1 files for two trademarks related to NFTs and cryptocurrencies

Formula One (F1), last week filed for two trademarks related to NFT, crypto and blockchain, in anticipation of its Las Vegas Grand Prix circuit to be held in November 2022.

According to a tweet from trademark attorney Mike Kondoudis, Esq, Formula 1’s plans for the event include “NFTs, crypto-currencies, insurance and financial services, virtual clothing, sports equipment, currency exchanges and virtual currency services“. NFTs in the form of virtual goods such as sports equipment and vehicles, decorative items, clothing, accessories, keychains, digital art and more will be available.

Expected financial services include “Virtual currency services, electronic fund transfers provided via blockchain technology, financial transactions via blockchain, crypto-currency services, token provision, non-fungible token provision, carbon credit brokering, and carbon offset brokering“.

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NFTs and crypto-currencies in sports

NFTs and blockchain technology as a whole have made inroads into the world of sports. Use cases include ticketing systems, fan tokens and digital trading cards. There have also been sponsorship deals between crypto companies and sports teams. For example, crypto-currency exchange Crypto.com recently signed a sponsorship deal with the UFC. It is a 10-year deal valued at $175 million. The deal covers athletes’ fight kits, jerseys and hoodies, as well as training staff apparel. Crypto.com is also the official partner of the Formula 1 Grand Prix of Miami.

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Other sports organizations sponsored by the crypto-currency company include Formula 1, the Aston Martin Formula 1 team, the National Hockey League team, the Montreal Canadiens, and the Serie A soccer league.

Last year, even before its NFT plans, the McLaren F1 team announced a strategic technology collaboration with Tezos. As part of the agreement, McLaren’s top racers will wear Tezos branding on their racing suits. The two companies also shared plans to create an NFT platform for fans. Crypto-currency company FTX has also become a sports sponsor through its partnership with Major League Baseball.

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