Formula 1 Racing Holds A Brand Patent For Crypto, NFT And Other Virtual Goods

Max Verstappen's driver won F1 2022. (photo: twitter @f1)

JAKARTA The Formula 1 car race wants to establish itself in the Web3 ecosystem with eight brands recently submitted for the globally recognized "F1" abbreviation.

According to licensed trademark attorney Mike Kondoudis, the car racing competition filed eight trademark applications on October 5 that include cryptocurrencies, nonfungible tokens (NFT), crypto markets, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain financial transactions.

Formula One has filed 8 trademarks for "F1" covering:🏁 Cryptocurrency + NFTs🏁 NFT + Crypto marketplaces 🏁 Retail stores for virtual goods🏁 Blockchain financial transactions🏁 Cryptocurrency trading + mining… and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8

— Mike Kondoudis (@KondoudisLaw) October 10, 2022

Proposed trademarks show that F1 has plans to play an active role in the Web3 ecosystem that appears with its trademark covering software for use with cryptocurrencies, meta tokens, digital collections and NFTs, as well as software for digital currency payments and exchange transactions.

Outside of software, Formula One also plans to offer retail store services in virtual goods, as well as provide online marketplaces for cryptocurrency and NFT buyers and sellers.

According to the proposed trademark, the F1 will also pilot financial transactions through blockchain technology by providing digital currencies or digital tokens. The scope of the trademark also extends to entertainment services using virtual goods, namely downloaded artwork, cryptocurrencies, digital collections, crypto collections, and NFTs for use in online, virtual, augmented, and mixed reality environments.

In August, Cointelegraph reported that the F1 trademark department registered two new trademark applications to the United States Patent and Trademark Office for the Las Vegas Strip Circuit, where the company's brands and logos will be listed on various goods and services over the next year's racing period.

The F1 is among several major brands seeking exposure to the Web3 economy, which is still in its early stages. The asset manager has also acknowledged its potential, with the issuer of Bitwise exchange-traded funds (ETF) recently launched the ETF Web3 for institutional and retail investors.