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HomeCrypto NewsRacing giant, Formula 1 registers trademarks for NFTs and cryptocurrencies

Racing giant, Formula 1 registers trademarks for NFTs and cryptocurrencies

Racing giant Formula One has introduced two trademarks related to non-replaceable symbols and encryption for the Las Vegas Grand Prix event, which is expected to take place in November 2023.

According to filings, Formula One plans to offer virtual goods in the form of sports equipment, virtual clothing, headphones, ropes, souvenirs, keys, digital art, jewelry, sculptures and other items.

It also intends to provide cryptocurrency exchange, currency trading and virtual currency services as well as carbon offsets.

The race will be held on the street in central Las Vegas. It will include a stretch of neon-lit tape, which is lined with high-end casino hotels, restaurants and a large number of attractions.

The track is said to be 3.8 miles long, with maximum speeds of up to 212 mph.

In May, Formula One acquired a 39-acre site in the middle of “Sin City” in order to build the crater and circuit complex. Last June, the British McLaren motor racing team formed a partnership with the blockchain Tezos project.

The cryptocurrency Floki Inu announced a trademark deal with Alfa Romeo F1 in February.

In July, several Formula 1 teams were forced to remove cryptocurrency-related brands during the French Grand Prix due to strict local advertising regulations.

The F1 Mercedes-AMG Petronas team and encryption giant FTX announced a joint NFT project in late April, with some upcoming acquisitions with a piece of the actual F1 car.

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