Following the filing of trademarks ahead of the Las Vegas Grand Prix circuit scheduled for November 2023, Formula One (F1) continues to make progress in the space of non-fungible tokens (NFTs) and the metaverse.
NFT and metaverse licensed trademark attorney Michael Kondoudis revealed the filing with the United States Patent and Trademark Office (USPTO) on October 10 in a tweet.
Mr. Kondoudis stated that the trademark filings will include licenses for cryptocurrency, NFTs and cryptocurrency marketplaces, retail stores for virtual goods, blockchain financial transactions, cryptocurrency trading, mixed reality environments, and cryptocurrency mining, among other things.
There are already partnerships between Formula One teams and crypto-related entities. The crypto sector is a sponsor of some teams, such as Red Bull.
Legal complications have arisen in several countries and regions due to the use of cryptocurrencies in motor racing. In July, Finbold reported that numerous Formula 1 teams were instructed to remove any branding associated with cryptocurrencies. France's severe legislation against crypto advertising led to this action.
A number of individual teams, such as Mercedes-AMG Petronas and Cryptocurrency exchange FTX, launched complementary NFT initiatives at the same time. As part of this project, numerous collectibles will be accompanied by a piece of an actual Formula One car.
The MotoGP, on the other hand, has a multi-year sponsorship agreement with CryptoDATA Tech, a Romanian company that develops hardware and software cybersecurity solutions based on blockchain technology.
Automakers have gradually entered the metaverse in order to engage fans and consumers following the rise of the metaverse. Despite the fact that the idea is still in the planning stages, the involvement of prominent brands has the potential to have a significant impact on the industry.
Finbold announced in May that McLaren Automotive, a British luxury supercar manufacturer, had collaborated with MSO LAB to develop a limited-edition McLaren NFT.