Formula One is set to expand NFT and crypto integration during the Las Vegas Grand Prix.
Formula One, an international auto racing sport supervised by the Fédération Internationale de l'Automobile, has reportedly filed for two trademark registrations related to crypto and non-fungible tokens (NFTs).
According to the tweet shared by the United States, Patent and Trademark Office (USPTO) licensed trademark attorney Mike Kondoudis, Formula One aims to introduce NFTs, cryptocurrency support, and other services during the Las Vegas Grand Prix in 2023.
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The trademarks filed this request on August 23rd to USPTO. The office gave a green light for Formula One to offer a wide range of goods and services during the 2023 Las Vegas race.
The trademark notes that Formula One aims to provide cryptocurrency exchange, virtual currency services, as well as crypto trading. According to the filing, the trademark will be used for "downloadable computer software for managing cryptocurrency transactions using blockchain technology”.
All of these aspects may suggest that Formula One may support cryptocurrency payments for tickets or other Grand Prix-related purchases.
According to the filing, Formula One can use its trademark for these crypto-related services:
Financial services including e-wallets and cryptocurrency; electronic transfer of crypto assets; currency exchange services; currency trading; virtual currency services; electronic funds transfer provided via blockchain technology; financial transactions via blockchain; cryptocurrency services, namely, providing a digital currency or digital token for use via a global computer network; provision of tokens; provision of non-fungible tokens.
The USPTO allowed using trademarks to sell other virtual goods, such as virtual clothing and sports gear. Moreover, it aims to offer decorative items, stationery, souvenirs, toys, headphones, accessories, games, and so on.
The Formula One teams are known for partnering with various crypto companies. However, on July 24th, some teams were forced to remove crypto-related advertisements from cars and drivers' clothing due to unclear French advertising regulations.