Formula 1 Files NFT, Metaverse, and Crypto Trademark
- With its trademark, Formula 1 intends to expand its interest in the Web3 arena.
- The racing brand previously struck a partnership with crypto exchange, Crypto.com, and has shown a significant interest in blockchain in recent months.
- The company joins a growing number of sports firms embracing crypto trends, including football and basketball teams.
Racing behemoth, Formula 1 has filed 8 trademarks for its popular “F1” abbreviation as it looks to slide into the Web3 arena. In an official statement announcing the move, a representative claimed that the trademarks will cover all of the company’s products in a variety of markets, including cryptocurrency, blockchain, marketplaces, NFTs, and online shops.
This trademark also indicates that the sporting brand intends to enter the Web3 market in an innovative way. It also signals that Formula One is considering ideas for a leading role in the overall crypto industry. With the filing, the company hopes to cover not only the Web3 ecosystem but also other virtual sides of the market, including virtual products offered to customers as collectibles.
According to reports, F1 will also explore financial transactions through blockchain technology by offering a digital token. The trademark’s application also covers entertainment services that make use of virtual products, such as cryptocurrencies, downloadable artwork, digital collectibles, crypto-collectibles, and NFTs for use in online, virtual, enhanced, and mixed reality settings.
The company revealed a few months ago that it had filed a trademark application in the US for the use of its products on the Las Vegas Strip. There were plans at the time to include a variety of goods and memorabilia owned by the auto racing business.
Several Formula One teams have collaborated with blockchain firms since the year began. In April, Mercedes-AMG Petronas, a Formula One racing team, announced a partnership with cryptocurrency exchange FTX to launch an NFT project, which will produce collectibles that include a piece of an actual F1 car.
In June, British auto racing team McLaren and blockchain startup Tezos signed a strategic collaboration to develop an NFT platform. As of February, Floki Inu had already struck an agreement with Alfa Romeo F1. Unfortunately, due to strict local advertising laws, several Formula One teams ended their crypto-based branding agreements for the July French Grand Prix.
Formula One joins the growing list of sporting companies to enter the Web3 market. The blockchain community has had to welcome a series of high profile organizations and investors, which has been a significant boost. The Web3 ecosystem has also seen a substantial inflow of asset managers in recent months, including Bitwise.
Of all the industries, the sporting world appears to be most fascinated by the blockchain industry. So, sports teams are increasingly forging closer ties with Web3 platforms. For example, soccer teams, NBA teams and NFL teams have struck multiple partnerships with different blockchain brands. Experts believe these partnership will play a huge role in the next wave of crypto adoption. These sporting organizations provide crypto service providers with access to their fanbase and a new market.