Formula One Speeds into The Metaverse After Filing Crypto, NFTs & Metaverse Trademarks

Trademark Applications

According to licensed trademark attorney Mike Kondoudis, Formula One — the highest class of international car racing in the world — filed eight trademark applications on October 5 under its well-known “F1” abbreviation. These filings include cryptocurrency, nonfungible tokens (NFTs), crypto marketplaces, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain financial transactions.

Founded in 1950, Formula One seeks to gain a foothold within the Web3 space by offering retail store services in virtual goods and providing an online marketplace for buyers and sellers of cryptocurrencies and NFTs.

The move by the London-based racing competition is in line with what other sports competitions have done recently, with the likes of Spain’s premier soccer league La Liga, the NBA basketball and NFL American football leagues in the US entering the Metaverse.