Formula One Embraces Crypto, Plans Software to Issue, Trade NFTs

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Formula One Files Trademarks Related to NFTs and Crypto
  • Street-racing giant Formula One has filed two NFT trademark applications.
  • The application document suggests that the company will offer software for cryptocurrency, electronic money processing, e-wallet payment services, etc.
  • Between January 1 and May 31, 2022, there were more than 4,000 NFT-related trademarks in the United States alone.

The world’s racing giant Formula One (F1) is now the latest company to concentrate on the metaverse by registering two NFT trademarks for its Las Vegas Strip Circuit.

Earlier today, Michael Kondoudis, a registered trademark attorney, tweeted about the trademark application.

According to the NFT application submitted on August 23, 2022, F1 intends to provide wealth management via crypto, NFT, insurance and financial services, digital token brokerage and trading, and other blockchain-related services.

F1’s application to the United States Patent and Trademark Office (USPTO) also suggested that the company would be offering virtual goods like computer software concerning sporting equipment, clothing accessories and electronic money processing, e-wallet payment services, and many more.

A month ago, LG filed an NFT trademark for its LG ART LAB. Samsung and other South Korean electronics behemoths have also unveiled NFT-related items. Other notable applications include e-Commerce leaders eBay and Alibaba, which aim to provide NFT exchanges, virtual goods marketplaces, and online retail stores with physical and virtual items.

Generally, leading international firms from several industries have applied trademarks to enter the metaverse. A lot of these trademark applications are recorded by Kondoudis on his Twitter account. Between January 1 and May 31, 2022, there were more than 4,000 NFT-related trademarks in the United States alone.

Since the metaverse and non-fungible tokens (NFTs) provide new, interactive ways for businesses to communicate with customers, more corporations are becoming interested in the market and plan to introduce new products.

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