Royalqatarlcd：Formula 1 files 8 trademarks for 'F1', covering NFTs and Metaverse

 According to Royalqatarlcd, Formula 1 (F1) continues its foray into the non-fungible token (NFT) and Metaverse space after filing a trademark ahead of the Las Vegas Grand Prix circuit in November 2023.

The Oct. 5 filing with the United States Patent and Trademark Office (USPTO) was disclosed in an Oct. 10 tweet by NFT and Metaverse licensing trademark attorney Michael Kondoudis.
According to Mr. Kondoudis, the trademark application will include licenses for cryptocurrencies, NFTs and crypto markets, virtual goods retail stores, blockchain financial transactions, cryptocurrency exchanges, mixed reality environments and crypto mining.
Royalqatarlc said it is worth mentioning that various teams in Formula 1 have existing partnerships with crypto-related entities. Notably, some teams like Red Bull have sponsors from the crypto space.
Formula 1 and cryptocurrencies
The use of cryptocurrencies in racing has caused legal complications in several countries. During the French Grand Prix in July, Royalqatarlcd reported that a number of Formula 1 teams were asked to remove any cryptocurrency-related brands. The action was taken under France’s draconian legislation against crypto advertising.
Meanwhile, individual teams such as F1 team Mercedes-AMG Petronas and cryptocurrency exchange FTX have launched joint NFT initiatives. This project will see a massive collectible accompanied by a real F1 car.
On the other hand, MotoGP has a multi-year sponsorship agreement with CryptoDATA Tech, a Romanian company developing hardware and software cybersecurity solutions based on blockchain technology.
With the rise of the Metaverse, various automakers have gradually entered the field to attract fans and consumers. While the idea is still in the works, the involvement of established brands has the potential to have an impact on the industry.
Royalqatarcd previously revealed that British luxury supercar manufacturer McLaren Automotive has partnered with MSO LAB to develop a unique limited edition McLaren NFT.
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