F1 enters the crypto and metaverse space and might be on its way to introducing NFTs, digital collectibles and cryptocurrency payment support ahead of the inaugural Las Vegas Grand Prix 2023.

Mike Kondodoudis, a USPTO Licensed Trademark Attorney, shared the news through a tweet. He stated that formula one filed two trademarks for the Las Vegas Strip Circuit on August 23, 2022. Its plans included NFTs and cryptocurrencies among its other offerings such as insurance, financial services, and other sports products. 

The filling outlined the trademark and logo for the Las Vegas Strip Circuit and many goods and services the event intends to offer during the 2023 race. Cryptocurrencies, NFTs, and blockchain-powered payment solutions were of specific interest. 

The filing went ahead to note that the ownership of some of the products, such as vehicle equipment, decorative items, clothing bags, wallets, and perfumery, would be represented and sold as NFTs. 

The filing further added that “downloadable computer software for managing cryptocurrency transactions using blockchain technology” was going to be implemented, implying that the race organisers are gearing up to support crypto payments. 

This is further illustrated in another clause stating, 

Financial services including e-wallets and cryptocurrency; electronic transfer of crypto assets; currency exchange services; currency trading; virtual currency services; electronic funds transfer provided via blockchain technology; financial transactions via blockchain; cryptocurrency services, namely, providing a digital currency or digital token for use via a global computer network; provision of tokens; provision of non-fungible tokens.”

F1 enters the crypto and metaverse space again

F1 enters the crypto and metaverse space crypto.com

This is not the first time F1 has taken a shine to the crypto sector. Over the past few years, more F1 teams have accepted endorsements and sponsorships from crypto firms and exchanges. Crypto.com, a major crypto exchange, is already a partner of the F1 and was the title sponsor for the Miami Grand Prix held in May 2022. 

Moreover, as previously reported, more exchanges and crypto firms have sponsored individual F1 teams, with eight of 10 teams already backed by industry participants. 

Alpine and F1 team announced earlier this year the launch of a fan token on the largest crypto exchange, Binance. Additionally, the partnership between Fantom and AlphaTauri, Red Bull’s sister club, was extended after it was announced in May 2021. 

Mercedes and FTX also reached an agreement in September, while McLaren already has a partnership with Bitci.com for 2022.

Even the famous Dogecoin creator Billy Markus expressed his desire for DOGE to be a sponsor for the Haas F1 team. Markus tweeted that both parties were underdogs in their respective industries and could be regarded as “memeable.”

Las Vegas is set to host its first-ever F1 race after the motorsport group announced in March 2022 that the Sin City would be the newest addition to the race calendar in 2023.