Formula One has filed 2 trademarks with plans that are related to non-fungible tokens (NFTs) and cryptocurrencies. According to Mike Kondoudis, USPTO licensed trademark attorney, the filing includes plans for insurance and financial services, virtual clothing and sports gear, and currency trading. 

Formula One Gets Into the NFT Market

There have been several companies getting involved in the NFT and cryptocurrency markets. In this case, Formula One decided to fil 2 trademarks for Las Vegas Strip Circuit that include plans for NFTs, cryptocurrencies, insurance, financial services, virtual clothing, sports gear, currency trading, and virtual currency services, among other things. 

Formula One has filed 2 trademarks for LAS VEGAS STRIP CIRCUIT claiming plans for:
▶️NFTs
▶️Cryptocurrency
▶️Insurance + financial services
▶️Virtual clothing + sports gear
▶️Currency trading + Virtual currency services
…and more!#NFTs #Metaverse #Crypto #Web3 #F1 #LasVegas pic.twitter.com/AfMj6R19TW

— Mike Kondoudis (@KondoudisLaw) August 29, 2022

This shows that there is a clear interest from companies to invest in non-fungible token solutions, offer services related to them, and attract a larger audience. At the moment, there are no details about which are the plans for Formula One in Las Vegas related to the above-mentioned list. Nevertheless, this could be a good opportunity for Formula One to enter a market that could continue growing in the future and when the hype has faded away.

Let’s not forget that 2021 was a very important year for NFTs and digital assets. In 2021, NFTs became very popular and some of them were sold for extremely high prices. It is also worth pointing out that virtual currencies such as Bitcoin (BTC) reached all-time highs and pushed the whole crypto market forward. A large number of companies invested and offered NFT collections and other firms invested directly in digital assets. 

Other companies have also been involved in the NFT market over the last few years. For example, the jewellery brand Tiffany & Co decided to sell customized CryptoPunk NFT pendants for 30 ETH each. This is just one of the many examples of how a company working in a market not related to NFTs used the trend in order to offer an exclusive opportunity to collections and NFT lovers. 

This is not the only involvement in the NFT market. There have been many initiatives related to the Metaverse. In this particular case, we have seen Facebook transitioning to Meta and focusing on new products and solutions released on top of virtual reality worlds. The goal is to create a community that would find itself in the Metaverse. NFTs are also a key part of these virtual worlds as they would represent unique objects and items. 

Formula One is among the first companies getting involved in the market, which will offer great opportunities to it and for Las Vegas Strip Circuit. In the past, there have been other NFT initiatives for sports events, including Baseball NFT collections and cards that people could collect when attending different events. Despite the fact that we do not know the details behind Formula One’s intentions, we could see what other brands did in the past and evaluate whether it is possible or not for Formula One to offer similar solutions and services to users.