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Formula 1 Dives Deeper into NFTs and Crypto

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Mon, 10/10/2022 - 16:16
Formula 1 Dives Deeper into NFTs and Crypto
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Racing giant Formula One filed new trademarks related to non-fungible tokens and cryptocurrencies.

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As per one of the filings, it plans to offer software for use with cryptocurrency, digital collectibles and non-fungible tokens. This software will also enable support for cryptocurrency payment and exchange transactions.

Another filing is related to retail store services in virtual goods. Formula One intends to create an online marketplace for buyers and sellers of the cryptocurrency.

It also plans to facilitate financial transactions with the help of blockchain and even venture into cryptocurrency mining.

On top of that, Formula One could potentially offer entertainment services using virtual goods such as non-fungible tokens in online virtual worlds and mixed-reality environments.

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One of the filings includes intellectual property licensing services related to cryptocurrencies.

In late August, it also filed NFT-related trademarks for the upcoming Las Vegas Grand Prix event, which is slated to take place in November 2023.

Last June, British motor racing team McLaren announced a partnership with Tezos, one of the most prominent blockchain projects. This February, Shiba Inu rival Floki Inu joined the list of cryptocurrencies forming motor racing collaborations by inking a deal with Alfa Romeo F1. In April, leading cryptocurrency FTX joined forces with F1 team Mercedes-AMG Petronas.

However, regulators are not particularly fond of such deals. In April, some Formula 1 teams were asked to ditch cryptocurrency-related branding in order to comply with local advertising rules during the French Grand Prix.

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