Formula One Files NFT and Crypto Trademarks for Las Vegas Strip Circuit

Dashing into Web3 like nobody's business, Formula One is the latest to jump on the bandwagon with two NFT trademark applications.

Aug 31, 2022
by Akira Ming
Formula One Files NFT and Crypto Trademarks for Las Vegas Strip Circuit
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Formula One is taking a deeper foray into Web3

Ever wondered what full-scale F1 racing would look like in the metaverse? You might soon get your answer, as Formula One has filed two trademarks for its Las Vegas Strip Circuit, claiming plans for NFTs, crypto, and more. 

According to trademark attorney Mike Kondoudis, these applications were filed with the United States Patent and Trademark Office (USPTO) on August 23rd by Formula One Licensing B.V. The Dutch-registered company is the one that manages all F1-related trademarks. 

With that, the applications by Formula One do cover an extensive range of goods and services. These include: 

  • Provision of tokens and non-fungible tokens (NFTs); 
  • Financial services, including e-wallets and cryptocurrency; 
  • Cryptocurrency services, namely providing a digital token or digital currency for use via a global computer network;
  • Insurance and real estate financial services, as well as credit card and debit card services; 
  • Virtual goods, namely computer programs in relation to sports equipment, vehicle equipment, decorative items, games, clothing accessories, and more.

Make no mistake, this is not the first time Formula One ventured into Web3. In February, the group signed a nine-year partnership deal with Crypto.com for the Miami Grand Prix. Then, the duo teamed up again in May to create NFTs generated by the speed, sound, and data of the race in Miami. As of writing, Formula One has not revealed any new plans in Web3. 

With more and more brands, companies, and individuals moving into Web3, it's only a matter of time before this niche sector goes mainstream. Venture capital firms, in particular, have continued to invest in this space despite the crypto crash. For instance, Limit Break has raised $200 million to build free-to-own games. Entities like a16z, Binance, and Immutable were also seen making big bets on Web3.  

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