Formula One Files Trademarks Related to NFTs and Crypto

Racing behemoth Formula One has filed two trademarks related to non-fungible tokens and crypto for the Las Vegas Grand Prix event, which is expected to take place in November 2023.

As per the filings, Formula One plans to offer virtual goods in the form of sporting equipment, virtual clothing, headphones, lanyards, souvenirs, keyrings, digital art, jewelry, sculptures, and other items.

It also intends to offer cryptocurrency exchange services, currency trading, virtual currency services as well as carbon offsets.

The street-based race will take place in the very center of Las Vegas. It will incorporate a stretch of the neon-soaked strip, which is lined with upscale casino hotels, restaurants, and a slew of attractions. The track is said to be 3.8 miles long, with top speeds reaching a whopping 212 mph.      

In May, Formula One acquired a 39-acre site in the center of “Sin City” in order to build the pit and paddock complex.

Last June, British motor racing team McLaren formed a partnership with blockchain project Tezos. Dog-themed cryptocurrency Floki Inu announced a branding deal with Alfa Romeo F1 in February.   

In July, several Formula 1 teams were forced to remove cryptocurrency-related branding during the French Grand Prix due to stringent local adverting regulations.

F1 team Mercedes-AMG Petronas and crypto giant FTX announced a joint NFT project in late April, with some collectibles coming with a piece of an actual F1 car.