The racing competition plans to create an online marketplace for cryptocurrencies, tokens, digital collectibles, and NFTs.
Formula 1 seeks to establish itself in the Web 3.0 ecosystem with eight newly registered trademarks for its globally recognized abbreviation “F1”.
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According to trademark licensing attorney Mike Kondoudis, The racing league filed eight trademark registrations on Oct. 5 covering cryptocurrencies, non-fungible tokens (NFTs), cryptocurrency marketplaces, digital goods retail stores, trading platforms, crypto asset mining, and blockchain-based financial transactions.
Formula One has filed 8 trademarks for “F1” covering:
Cryptocurrencies + NFTs
NFT + Crypto marketplaces
Retail stores for virtual goods
Blockchain financial transaction
Cryptocurrency trading + mining
… and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8— Mike Kondoudis (@KondoudisLaw) October 10, 2022
The trademarks suggest that the organization intends to play an active role in the emerging Web 3.0 ecosystem with its trademark covering software for the use of cryptocurrencies, digital tokens, digital collectibles and NFTs, as well as software for the digital currency payment and exchange transactions.
Beyond the software, Formula One also plans to offer virtual goods retail store services, as well as provide an online marketplace for buyers and sellers of cryptocurrencies and NFTs.
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According to brand registrations, F1 will also delve into financial transactions via Blockchain technology, providing a digital currency or token. The brand’s reach also extends to entertainment services that use virtual goods, namely downloadable works of art, cryptocurrencies, digital collectibles, and NFTs, for use in online, virtual, augmented reality, and mixed reality environments.
In August, Cointelegraph reported that F1’s trademark department had registered two new trademark files with the United States Patent and Trademark Office for the Las Vegas Strip circuit, where the company’s brand and logo they were to appear in a wide range of goods and services during next year’s run.
F1 is one of the major brands looking to gain exposure to the Web 3.0 economy, which is still in its early stages. Asset managers have also recognized such potential, with ETF issuer Bitwise recently launching a Web 3.0 ETF for institutional and retail investors.
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