Formula 1 Dive Deeper Into NFTs And Crypto

The Formula 1 giant deposit new brands related to non-fungible tokens and cryptocurrencies.

According to one of the filings, it plans to offer software for use with cryptocurrency, digital collectibles, and non-fungible tokens. This software will also enable support for cryptocurrency payment and exchange transactions.

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Another filing relates to virtual goods retail store services. Formula One intends to create an online marketplace for buyers and sellers of cryptocurrency.

He also plans to facilitate financial transactions using blockchain and even venture into cryptocurrency mining.

In addition to that, Formula One could potentially offer entertainment services using virtual goods such as non-fungible tokens in online virtual worlds and mixed reality environments.

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One of the repositories includes intellectual property licensing services related to cryptocurrencies.

In late August, he also filed NFT-related trademarks for the upcoming Las Vegas Grand Prix event, which is expected to take place in November 2023.

Last June, British racing team McLaren announced a partnership with Tezos, one of the most prominent blockchain projects. Last February, Shiba Inu rival Floki Inu joined the list of cryptocurrencies forming racing collaborations by signing a deal with Alfa Romeo F1. In April, leading cryptocurrency FTX has partnered with the Mercedes-AMG Petronas F1 team.

However, regulators are not particularly fond of such transactions. In April, some Formula 1 teams were asked to drop cryptocurrency-related branding to comply with local advertising rules during the French Grand Prix.