Formula 1 is getting closer to F1 fans virtually with an NFT and metaverse project. The project structures are already in place. Moreover, a tweet from Michael Kondoudis dated October 10, 2022 confirms the registration of trademarks initiated by Formula 1. We are entering an era where sport events of all categories are inseparable from the metaverse.
Indeed, the sport is a loyal client of the metaverse. Today, it’s F1’s turn to take its first steps on the web3. Fans will be able to get virtual F1 items. F1 goodies are associated with some of these virtual items. Even better, F1 plans to offer bits of a real Formula 1 in its NFT project. Imagine if it was a Lamborghini !
Formula 1 metaverse projects
The Formula 1 Metaverse team has registered 8 trademarks on behalf of F1. The United States Patent and Trademark Office (USPTO) has confirmed this. These registered trademarks concern, among other things:
- cryptocurrency and NFT,
- NFTs and cryptocurrency markets,
- virtual kiosks for the retail sale of F1 products,
- financial transactions and the blockchain,
- cryptocurrency trading and mining.
Formula 1 is in itself a brand of luxury. The group’s initiative to register trademarks on the web3 is a kind of insurance for the virtual future of the brand. The group is on schedule, both in the race for trademarks and in the race to enter the web3. It should be noted that some of F1’s partners took the initiative to enter the metaverse a long time ago.
This Formula 1 entry on the metaverse lets fans enjoy virtual opportunities related to IRL opportunities.
Ban on cryptocurrency advertising
In France, you cannot advertise cryptocurrencies during events open to the general public. Moreover, all the riders who wore insignia relating to cryptocurrencies were forced to part with them during the Grand Prix de France in July. The rules are strict on the subject.
The initiatives in favor of the entry of F1 on the metaverse
Even if it will not be possible for the riders to publicize F1’s web3 products during the races, the formula 1 group is supported by its partners. Already, F1 will be part of a combined NFT sale project in partnership with Mercedes and cryptocurrency exchange FTX.
Next, MotoGP entered into a multi-year agreement with CryptoDATA Tech for securing Formula 1 metaverse projects.
In short, F1 is on the right track in the NFTs and blockchain market.
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Formula 1 files trademarks covering metaverse and NFTs
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