Formula One has announced that it has filed eight trademarks for its F1 abbreviation in several industries in the cryptocurrency industry. The move means the popular car racing competition corporation is looking to gain ground across the Web3 ecosystem. According to Mike Kondoudis, the cryptocurrencies, non-fungible tokens, cryptocurrency trading, and mining are among the areas covered in blockchain technology.
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 be used for cryptocurrency trading and payment transactions. Another complaint is that retail store services for virtual goods are subject of another disclosure.
Formula One intends to establish an online marketplace for cryptocurrency buyers and sellers. It aims to leverage blockchain technology to simplify financial transactions.
McLaren, a British motor racing company, announced a partnership with Tezos, one of the most prominent blockchain initiatives in June, while Shiba Inu, a competitor of Floki Inu, joined the list of cryptocurrencies for motor racing collaborations in April, inching a deal with Alfa Romeo F1. In April, a leading cryptocurrency FTX joined forces with Mercedes-AMG Petronas.
- Visa, FTX Exchange Team Up to Bring Crypto Debit Cards in Over 40 Nations