Establishing a Presence in Web3
Formula One aims to carve out its niche within the Web3 ecosystem, having recently filed eight trademark applications for its globally recognized “F1” abbreviation. These applications cover a range of areas, including cryptocurrency, nonfungible tokens (NFTs), crypto marketplaces, and blockchain financial transactions.
Details of the Trademark Filings
According to licensed trademark attorney Mike Kondoudis, the trademarks, filed on Oct. 5, suggest that Formula One plans to actively engage in various sectors related to digital assets. The filings cover:
- Cryptocurrency and NFTs
- NFT and crypto marketplaces
- Retail stores for virtual goods
- Blockchain financial transactions
- Cryptocurrency trading and mining
Ambitious Plans for the Digital Economy
The trademarks imply that Formula One is not just interested in the technological aspect of Web3; it is also looking to offer retail services for virtual goods and create a marketplace for cryptocurrency and NFT transactions. Furthermore, Formula One plans to engage in entertainment services involving digital collectibles and NFTs in online, virtual, and augmented reality environments.
Expansion Beyond Traditional Racing
In August, Cointelegraph reported that F1’s trademark department registered two new filings with the United States Patent and Trademark Office concerning the upcoming Las Vegas Strip Circuit. This move signifies a broader strategy that includes incorporating its brand and logo into a variety of goods and services during next year’s race.
Growing Corporations in Web3
Formula One is just one of many well-known brands venturing into the Web3 landscape. The potential for growth in digital assets and the metaverse is being recognized by various sectors. Among those is Asset Manager Bitwise, which recently launched a Web3 ETF aimed at institutional and retail investors.
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