The racing competition has plans to set up an online marketplace for cryptocurrency, meta tokens, digital collectibles, crypto-collectibles and NFTs.
Formula One is looking to establish itself within the Web3 ecosystem with eight recently filed trademarks for its globally recognised "F1" abbreviation.
According to licensed trademark attorney Mike Kondoudis, the race-car league filed eight trademark applications on October 5th covering cryptocurrency, non-fungible tokens (NFTs), crypto marketplaces, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain financial transactions.
The filed trademarks suggest that F1 has plans to play an active role in the emerging Web3 ecosystem with its trademark covering software for use with cryptocurrency, meta tokens, digital collectibles and NFTs, as well as software for digital currency payment and exchange transactions.
Beyond software, Formula One also plans to offer retail store services in virtual goods, as well as provide an online marketplace for buyers and sellers of cryptocurrencies and NFTs.
According to the trademark filed, F1 will also dabble in financial transactions via blockchain technology by providing a digital currency or digital token. The scope of the trademark also extends to entertainment services using virtual goods, namely downloadable artwork, cryptocurrency, digital collectibles, crypto-collectibles and NFTs for use in online, virtual, augmented and mixed-reality environments.
F1 is among several major brands to seek exposure to the Web3 economy, which is still in its nascent stages. Within the racing sport itself, individual teams in Formula One already have existing partnerships with crypto-related entities – with Red Bull, among the few to have sponsors from the crypto sector ongoing.
Formula One, also called F1 in short, is an international auto racing sport. F1 is the highest level of single-seat, open-wheel and open-cockpit professional motor racing contest. The sport is globally enjoyed, with viewers all over the world and a cumulative audience for the 2021 season reaching 1.55 billion. The sport is growing at a rapid rate in recent years, with a whopping 55% increase in viewership from 2019 to 2021.