World-renowned racing competition Formula One has filed trademarks for its “F1” acronym as it looks to make its presence felt within the Web3 ecosystem.
The world-renowned racing competition, Formula One, has cemented its plans to establish itself within the Web3 ecosystem by filing trademarks for its globally-recognized “F1” abbreviation. Mike Kondoudis, United States Patent and Trademark Office (USPTO) licensed trademark attorney, confirmed it through a Twitter post.
Formula One also plans to set up an online marketplace for cryptocurrency, Meta tokens, digital collectibles, crypto-collectibles, and NFTs. Filing the trademarks, all eight of them, is only the first step towards achieving the racing competition’s Web3 goals.
Scope of F1’s Trademark Applications
Formula One is the “highest class of international racing,” so it’s only fitting that it files trademark applications for its iconic F1 acronym. F1 submitted eight trademark applications to the USPTO on October 5, where it expressed its desire to provide the following:
- Software for use with cryptocurrency, meta tokens, digital collectibles, crypto collectibles, and non-fungible tokens [NFTs];
- Retail store services in virtual goods;
- Financial transactions via blockchain;
- Entertainment services using virtual goods;
- Virtual marketplaces and cryptocurrency trading and mining;
- And more.
It’s evident from the filed trademarks that F1 is serious about its plans to play an active role in the Web3 space. The trademarks encompassing digital collectibles and NFTs, software for use with cryptocurrency, software for digital currency payment and exchange transactions, and Meta tokens suggest as much.
More than just software, F1 also plans to provide retail store services in virtual goods and an online marketplace for buyers and sellers of NFTs and crypto. The iconic brand will also dip its toes into financial transactions through blockchain technology by providing a digital currency or token (native token).
With eight trademarks filed, there is no question about its scope. After this filing, the F1 brand will practically be everywhere since the trademark extends to entertainment services that utilize virtual goods. Included are cryptocurrency, crypto-collectibles, downloadable artwork, digital collectibles, and NFTs for online, virtual, augmented, and mixed-reality environments.
Undoubtedly, NFTs are worming their way into every industry imaginable, including racing. Last April, the Mercedes-AMG Petronas F1 Team announced they were launching a series of fan collectible NFTs in partnership with FTX. The team’s goal was to engage with fans in an innovative way.
F1 Widens Brand Recognition
Filing eight trademarks may be F1’s first step towards establishing its roots in the Web3 space, but it is just another step in its quest for brand recognition.
In August, F1’s trademark department registered two new trademark filings with the USPTO for the Las Vegas Strip Circuit. F1’s Las Vegas Grand Prix is scheduled for November 18, 2023, and the company’s brand and logo will be listed on a wide variety of goods and services during the race; thus, the need to file trademarks.
F1 is only one among several major brands seeking exposure in the Web3 space, even if the latter is still in its burgeoning stages. Even asset managers are beginning to recognize the potential of Web3, as evidenced by the recently-launched Web3 exchange-traded fund (ETF) for institutional and retail investors by ETF issuer Bitwise.
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