Web3 and crypto – F1 shifts into high gear

The world of sports is getting closer to the world of crypto and web3. This statement is especially true for Formula 1 (F1), which today decided to move up a gear in this area. In fact, according to one internet user, Formula 1 reportedly filed eight trademark applications. They relate to all products and services related to cryptocurrencies, non-fungible tokens (NFTs) and metaverse.

The information comes to us from a statement on Twitter from Mike Kondoudis, an American attorney specializing in trademark law. This about what appears to be a new strategic link between Formula 1 and the wider cryptocurrency industry.

“Formula 1 has registered 8 “F1” trademarks covering: cryptocurrencies, non-fungible tokens (NFTs), marketplaces, retail stores for selling virtual goods, financial transactions and blockchain, cryptocurrency trading, mining … and more.”

Michael Kondoudis

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F1 – Archiving of Trademarks, Cryptos, NFTs and Metaverses

The eight applications were reportedly submitted Office American of patents and of brands (USPTO). This is the administrative body responsible for issuing patents and trademarks in the United States. Still according to the lawyer’s statement the deposit was made on October 5 of Formula One Licensing BV., a Formula 1 Group company located in the Netherlands, which claims ownership of the marks relating to Formula 1 and the F1 logo.

He also managed to get the serial numbers of the brands, which he also shares on twitter:

Tweet by Michael Kondoudis

At the moment there is very little information about Formula 1’s real intentions. However, it is common knowledge that F1 wants get a metaverse which will certainly include non-fungible tokens bearing the image of famous racing cars.

F1 – A dive into Web3 and cryptocurrencies

It should be noted that this rapprochement between the world of racing, Web3 and cryptocurrencies is not recent. In fact, several teams – including RedBull and Alpine for example – have forged partnerships with companies in the crypto industry. It is for this reason that we see some racing cars with advertisements that contain the name of a cryptocurrency exchange platform (Crypto.com, Binance, Kraken, etc.). Similarly, last May Crypto.com created a collection of non-fungible tokens on the occasion of the F1 Grand Prix (GP) in Miami.

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These polls are beneficial to the crypto industry because millions of fans support and follow F1 all over the world. AND, seeing the advertising campaigns and initiatives such as the creation of a collection of NFTs related to the race, it is very likely that fans will be interested in them in the future.

“We have over half a billion passionate fans who support the world’s best riders and manufacturers. »

Formula 1

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