Formula One has announced that it has filed eight trademarks for its F1 abbreviation across several sectors of the crypto industry. The move means the popular car racing competition group is looking to establish a strong foot across the Web3 ecosystem. According to Mike Kondoudis, cryptocurrencies, non-fungible tokens, crypto markets, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain-based financial transactions.
Formula One intends to provide software for cryptocurrency, digital collectibles, and non-fungible tokens as per the filing.
Formula One has filed eight trademarks for the "F1" covering: Cryptocurrency + NFTs NFT + Crypto marketplaces Retail stores for virtual goods Cryptocurrency trading + mining and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8
This software will also deal with cryptocurrency trading and payment activities. Another filing involves retail store services for virtual commodities.
Formula One intends to establish an online marketplace for cryptocurrency purchasers and sellers. It intends to leverage blockchain technology to simplify financial transactions.
McLaren, a British motor racing company, announced his partnership with Tezos, one of the most significant blockchain initiatives in June, while Shiba Inu, a competitor of Alfa Romeo F1, joined the list of cryptocurrencies, forming motor racing collaborations in April, through a merger with Mercedes-AMG Petronas.
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