Formula One has confirmed the filing of eight trademarks for its ‘F1’ acronym in various areas of the cryptocurrency business. The move indicates that the racing firm is attempting to establish a strong foothold in the Web3 ecosystem.
The lawyer in charge of the application said that the car racing platform filed its application on October 5 across more than eight sectors of the cryptocurrency market.
Formula One has filed 8 trademarks for "F1" covering:
🏁 Cryptocurrency + NFTs
🏁 NFT + Crypto marketplaces
🏁 Retail stores for virtual goods
🏁 Blockchain financial transactions
🏁 Cryptocurrency trading + mining
… and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8
— Mike Kondoudis (@KondoudisLaw) October 10, 2022
Formula One has announced the registration of eight new trademarks
The person in charge said in the announcement that the trademarks would cover all of their goods in the marketplaces, blockchain, NFTs, crypto, and virtual retail shops, among others.
This trademark also indicates that the corporation intends to make a ground-breaking entry into the industry. It also implies that Formula One is considering taking a leadership position in the cryptocurrency market.
In addition to the Web3 environment, the company wants the file to cover other virtual parts of the market, such as virtual products that customers can buy in the form of collectables.
The Web3 ecosystem is becoming increasingly accessible
The company’s trademark application in the blockchain technology area will also allow it to penetrate the financial aspects of the cryptocurrency industry. This implies that creating a token or digital asset is not out of the question.
The trademark will also include the entertainment component of digital collectables. This element will consist of, among other things, NFTs and virtual and augmented reality. The firm stated a few months ago that it had filed a trademark in the United States for the use of its goods on the Las Vegas strip.
There were plans at the time to offer various items and merchandise related to the motor racing corporation.
This will begin next year with the company’s regional race. F1 is one of the few firms that has made a splash in the Web3 ecosystem.
Although it is still in its early stages, the ecosystem has experienced a lot of patronages, which has caused it to flourish immensely. Asset managers have also poured into the Web3 ecosystem in large numbers. One of them is Bitwise’s latest release of solutions for large-scale investors.