F1 files two trademarks related to NFTs and cryptocurrencies

Formula 1 (F1), last week filed two trademarks related to NFT, crypto and blockchain, ahead of its Las Vegas Grand Prix circuit due to take place in November 2022.

According to a tweet from trademark lawyer Mike Kondoudis, Esq, Formula 1’s plans for the event include “NFTs, cryptocurrencies, insurance and financial services, virtual clothing, sports equipment, currency exchanges and virtual currency services“. NFTs in the form of virtual goods such as sports equipment and vehicles, decorative items, clothing, accessories, keychains, digital art and others will be available.

Expected financial services include “virtual currency services, electronic funds transfers provided via blockchain technology, financial transactions via blockchain, cryptocurrency services, supply of tokens, supply of non-fungible tokens, brokerage of carbon credits and brokerage carbon offsets“.

NFTs and cryptocurrencies in sports

NFTs and blockchain technology as a whole have made inroads into the world of sports. Among the use cases, such as ticketing systems, fan tokens and digital trading cards. There have also been sponsorship deals between crypto companies and sports teams. For example, cryptocurrency exchange Crypto.com recently signed a sponsorship deal with the UFC. It is a ten-year contract valued at $175 million. The deal covers athletes’ combat kits, jerseys and hoodies, as well as training staff outfits. Crypto.com is also the official partner of the Formula 1 Miami Grand Prix.

Other sports organizations sponsored by the cryptocurrency company include Formula 1, Aston Martin Formula 1 team, National Hockey League team, Montreal Canadiens, and Serie A football league.

Last year, even before its NFT plans, the McLaren F1 team announced a strategic technology collaboration with Tezos. As part of the deal, McLaren’s top racers will wear Tezos branding on their race suits. The two companies also shared their plans for creating an NFT platform for fans. Cryptocurrency firm FTX has also become a sports sponsor through its partnership with Major League Baseball.

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F1 files two trademarks related to NFTs and cryptocurrencies

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