Formula 1 files eight trademarks for “F1” covering NFTs and metavers

The filing with the United States Patent and Trademark Office (USPTO) on October 5 was revealed in a tweet from NFT and metaverse trademark attorney Michael Kondoudis on October 10.

According to Michael Kondoudis, trademark filings will include licenses for crypto-currencies, NFTs and crypto-currency marketplaces, retail stores for virtual goods, blockchain financial transactions, crypto-currency trading, mixed reality environments and crypto-currency mining, among other things.

Read:  Sinn FΓ©in files motion of censure against Ireland's coalition government

It is worth mentioning that Formula 1 teams have existing partnerships with crypto-currency related entities. Notably, some teams like Red Bull or Mercedes have sponsors from the crypto-currency sector.

Formula 1 and crypto-currencies

In several countries and regions, the use of crypto-currencies in auto racing has led to legal complications. During the French Grand Prix in July many Formula 1 teams were ordered to remove any branding related to crypto-currencies. This was done in accordance with France’s tough legislation against advertising crypto-currencies.

Read:  Study reinforces the need to vaccinate pregnant women against covid

At the same time, teams such as Mercedes and crypto-currency exchange FTX have launched a combined NFT initiative. This project will see many collectibles come with a piece of a real F1 car.

MotoGP, meanwhile, has entered into a multi-year sponsorship agreement with CryptoDATA Tech, a Romanian company that develops hardware and software cybersecurity solutions based on blockchain technology.

Following the rise of the metaverse, various automakers have gradually entered the industry to engage with fans and consumers. While the idea is still in the making, the engagement of leading brands has the potential to impact the industry.

The Best Online Bookmakers April 12 2024

BetMGM Casino

Bonus

$1,000