Formula 1 aims to gain a foothold in the Web3 ecosystem with eight newly registered trademarks for its globally recognized acronym “F1”.
According to licensed trademark attorney Mike Kondodis, on October 5, the Race Association submitted eight trademark applications covering cryptocurrencies, non-fungible tokens (NFTs), cryptocurrency markets, virtual commodity stores, cryptocurrency trading, mining, and blockchain financial transactions.
Registered trademarks indicate that F1 plans to play an active role in the new Web3 ecosystem, with a program covering the trademark for use with cryptocurrencies, meta tokens, digital collectibles, NFTs, cryptocurrency payments programs and exchanges.
In addition to the software, Formula 1 also plans to offer retail services for virtual goods as well as an online marketplace for cryptocurrency and NFT buyers and sellers.
According to the registered trademark, F1 will also participate in financial transactions using blockchain technology by providing a digital currency or digital token. The brand’s scope also includes entertainment services that use virtual goods, namely downloadable art, cryptocurrencies, digital collectibles, crypto collectibles, and NFTs for use in virtual, virtual, augmented and mixed reality environments.
In August, Cointelegraph reported that the F1 Trademark Office had filed two new trademark registrations with the US Patent and Trademark Office for the Las Vegas Strip, resulting in the company’s trademark and logo appearing in a wide range of goods and services over the next race. of the year. .
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F1 is among several big brands looking to capitalize on the Web3 economy, which is still in its infancy. Asset managers have also recognized the potential: Exchange-traded fund (ETF) issuer Bitwise recently launched a Web3 ETF for institutional and retail investors.