Formula One (F1) has revealed a plan to create a digital currency hub around the sportscar racing league to reach a wider audience. To achieve this, the international racing competition has filed trademarks bordering on the use of digital assets.
According to a Twitter announcement from trademark expert Mike Koundoudis, Formula One’s filing with the United States Patent and Trademark Office (USPTO) borders on non-fungible tokens (NFTs) and a marketplace for digital collectibles. Furthermore, the filings reveal a keen interest in the metaverse and virtual currency mining.
“Entertainment services using virtual goods, namely non-downloadable artwork,” read a portion of the filing. “Preparation of entertainment programs for broadcasting in online virtual worlds, virtual, augmented, and mixed reality environments” have been identified as areas that Formula One will be interested in exploring in the coming months.
The eight trademarks filed by the sporting competition are a clear statement of intent that it plans to be a trailblazer in the Web 3.0 community. The filings indicate intellectual property licensing services with an affinity for virtual currencies.
This is not the first time Formula One expressed intent to file a trademark relating to the digital assets industry. Only a month ago, it trademarked an NFT relating to the inaugural Las Vegas Grand Prix scheduled for 2023. The September filing mentioned an “e-wallet and the electronic transfer of crypto assets,” while the logo and circuit features were part of the trademarked features.
Formula One teams up with operators in digital currency space
Virtual asset service providers have always turned to F1 as an advertising platform to reach more customers, given the large following of the events. Crypto.com was unveiled as an inaugural partner of the F1 sprint series, and part of the perks included a presence at every race in the season.
Other digital asset firms have since begun sponsoring F1 teams in recent times. Bybit and Red Bull Racing struck a $50 million per year partnership, while Fantom network announced the sponsorship of Scuderia AlphaTauri as part of measures to leverage the popularity of the F1.
The leap into Web 3.0 by the racing competition could open the floodgates toward increased partnerships with more digital asset service providers. The funding and technological expertise of the firms are some of the positives to be gained by F1 and its teams.
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