The highest class of automobile racing – Formula 1 – filed two trademarks related to non-fungible tokens (NFTs) and cryptocurrencies for the Las Vegas Grand Prix event, scheduled for November 2023.
This is not Formula 1’s first interaction with the digital asset sector. One of the leading exchanges – CryptoCom – served as its Global Partner, while other platforms, including FTX, have inked agreements with some of the best-performing teams.
As per the filing revealed by Mike Kondoudis, Formula 1 intends to offer virtual goods, including virtual clothing, sports gear, headphones, souvenirs, jewelry, digital art, and more.
Formula One has filed 2 trademarks for LAS VEGAS STRIP CIRCUIT claiming plans for:
Insurance + financial services
Virtual clothing + sports gear
Currency trading + Virtual currency services
…and more!#NFTs #Metaverse #Crypto #Web3 #F1 #LasVegas pic.twitter.com/AfMj6R19TW
— Mike Kondoudis (@KondoudisLaw) August 29, 2022
Offering currency trading, cryptocurrency exchange services, and carbon offset are also on the agenda.
The initiative is planned to go live ahead of the Las Vegas Grand Prix in November next year.
The contest will be one of the few events to be held during the night. The cars will pass through the very center of the renowned resort city, while the lack of sharp turns will allow drivers to reach a maximum speed of over 212 mph (340 km/h).
Formula 1 has already established a relationship with the crypto world. In June last year, the popular digital asset exchange – CryptoCom – became the Global Partner and Inaugural Partner of Formula One’s new Sprint series for 2021.
Earlier this year, both parties inked another agreement, turning the trading venue into the Official Title Partner of the Miami Grand Prix.
FTX and Bybit have also partnered with Formula 1. The former collaborated with the Mercedes team to feature its logo on its cars, while the latter did the same with the Red Bull racing squad.