The renowned racing competition Formula One has recently registered for trademarks of different web3 products. The company has trademarked F1 for cryptocurrency, non-fungible tokens, and metaverse with five other similar domain products. The racing competition company has hinted at its plans to set up a digital online marketplace in the virtual world. However, there is no confirmation of when they will enter the web3 space. Formula One is planning to establish its presence in the web series ecosystem with these eight recently filed trademarks. The company has trademarked its globally marketed abbreviation ‘F1’. The news was put to flash by the licensed trademark attorney Mike Kondoudis about the company’s trademark filing on 5 October covering non-fungible tokens, virtual goods, crypto marketplaces, retail stores, cryptocurrency trading & mining and blockchain financial transactions.
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
It reflects the company’s plans and intentions for its presence in the web3 ecosystem. According to experts of the Blockchain Council, the registered trademarks suggest that the company has landed a diversified portfolio in the emerging web3 ecosystem. The brand covers softwares for use with metaverse, cryptocurrency, NFTs, digital collectables, and the softwares for financial transactions and digital payments.
The company is also planning to offer virtual goods trade with virtual retail stores. Since the company has registered for the trademark of retail stores, there is also a high chance that there will be an online marketplace to accomplish the trade of cryptocurrency and NFTs.
These trademarks suggest that F1 will also have a presence in financial activities using blockchain technology in a digital currency or token. The brand image for the globally popular abbreviation of Formula One, F1, can also be there as a digital currency for your use in different reality spaces.
Reportedly, the company has also filed trademarks for Las Vegas strips circuit to market the logo with a wide range of products for the following year’s race.
F1 has become a part of some top-tier brands with a virtual presence in the web3 space. The brand is also set to expose itself in the web3 digital economy in the early stages of its development.