The racing competition has plans to set up an online marketplace for cryptocurrency, meta tokens, digital collectibles, crypto-collectibles and NFTs.
Formula One is looking to establish itself within the Web3 ecosystem with eight recently filed trademarks for its globally recognized “F1” abbreviation.
According to licensed trademark attorney Mike Kondoudis, the race-car league filed eight trademark applications on Oct. 5 covering cryptocurrency, nonfungible tokens (NFTs), crypto marketplaces, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain financial transactions.
Formula One has filed 8 trademarks for “F1” covering:
Cryptocurrency + NFTs
NFT + Crypto marketplaces
Retail stores for virtual goods
Blockchain financial transactions
Cryptocurrency trading + mining
… and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8
— Mike Kondoudis (@KondoudisLaw) October 10, 2022
The filed trademarks suggest that F1 has plans to play an active role in the emerging Web3 ecosystem with its trademark covering software for use with cryptocurrency, meta tokens, digital collectibles and NFTs, as well as software for digital currency payment and exchange transactions.
Beyond software, Formula One also plans to offer retail store services in virtual goods, as well as provide an online marketplace for buyers and sellers of cryptocurrencies and NFTs.
According to the trademark filed, F1 will also dabble in financial transactions via blockchain technology by providing a digital currency or digital token. The scope of the trademark also extends to entertainment services using virtual goods, namely downloadable artwork, cryptocurrency, digital collectibles, crypto-collectibles and NFTs for use in online, virtual, augmented and mixed-reality environments.
In August, Cointelegraph reported that F1’s trademark department registered two new trademark filings with the United States Patent and Trademark Office for the Las Vegas Strip Circuit, where the company’s brand and logo were going to be listed on a wide range of goods and services during next year’s race.
Related: Web3 must bridge back into Web2 for real cash flows — Checkout.com VP
F1 is among several major brands to seek exposure to the Web3 economy, which is still in its nascent stages. Asset managers have also recognized the potential, with exchange-traded fund (ETF) issuer Bitwise recently launching a Web3 ETF for institutional and retail investors.