Formula 1 registers 8 trademarks for “F1” covering the NFT and metaverse

Formula One (F1) continues to make progress in the non-fungible tokens (NFT) and metaversal space after pre-registering trademarks ahead of the Las Vegas Grand Prix scheduled for November 2023.

The October 5 filing with the United States Patent and Trademark Office (USPTO) was disclosed in a tweet by NFT and metaverse-licensed trademark attorney Michael Kondoudis in tweet On October 10.

according to mr. Kondoudis brand applications will include licenses for cryptocurrency, cryptocurrency marketplaces, virtual commodity stores, blockchain financial transactions, cryptocurrency trading, mixed reality environments, and crypto mining, among others.

It is worth noting that individual teams in Formula 1 have established partnerships with crypto-related entities. Notably, some teams like Red Bull have sponsors from the crypto sector.

Formula 1 and cryptocurrency

In many countries and regions, the use of cryptocurrencies in motorsports has caused legal repercussions. During the French Grand Prix in July, Coinphony reported that several Formula 1 teams had ordered the removal of all crypto-related brands. This action was taken in accordance with France’s strict anti-encrypted advertising legislation.

Meanwhile, individual teams such as the F1 team Mercedes-AMG Petronas and cryptocurrency exchange FTX launched a combined NFT initiative. This project will see many collectibles accompanied by part of a real F1 car.

On the other hand, MotoGP has a multi-year sponsorship deal with CryptoDATA Tech, a Romanian company that develops hardware and software cybersecurity solutions based on blockchain technology.

After the emergence of the metaverse, many car manufacturers have gradually entered the sector to interact with fans and consumers. Although the idea is still in the works, the commitment of high-profile brands has the potential to impact the industry.

Coinphony revealed in May that McLaren Automotive, the British luxury car manufacturer, had partnered with MSO LAB to develop a unique, limited-edition McLaren NFTs.

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Post Formula 1 records 8 trademarks of ‘F1’ covering NFTs and the metaverse appeared first on Coinphony.

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