Formula 1 has joined NFT and Metaverse with two trademark applications ahead of the Las Vegas Grand Prix.

Formula 1, the highest class of motor racing, has made a breakthrough in chips unmistakable (NFT) and Metaverse. That by filing trademarks ahead of the Las Vegas Grand Prix scheduled for November 2023.

Formula 1 bet big on NFT and Metaverse

On August 23, the entity filed two trademarks for the circuit with the US Patent and Trademark Office (USPTO). Document published by a trademark attorney Michael Kondoudis in a tweet on August 29, it will cover NFTs, cryptocurrencies, insurance and financial services, virtual clothing and sports equipment, currency exchanges and virtual currency services, among others.

Indeed, the trademark application marks Formula 1’s collective participation in the NFT space. As a reminder, this is not the first interaction between Formula 1 and the digital asset space. One of the main exchanges, CryptoComwas its global partner, while others, incl FTXthey signed contracts with some of the most successful teams.

However, various teams on the platform already have partnerships with crypto-related entities. Some teams in particular like it red bull have cryptocurrency industry sponsors.

However, in some jurisdictions, cryptocurrency participation in racing has run into difficulties. Several Formula 1 teams were forced to withdraw cryptocurrency-related brands during the French Grand Prix. The move is in line with France’s strict cryptocurrency advertising regulations.

More and more car manufacturers are getting involved Metaverse

As a concept Metaverse is growing, some car companies are increasingly entering the industry to connect with fans and customers. Although the concept is still in the implementation phase, the involvement of big brands can be seen as a potential impact on the industry.

British manufacturer supercars McLaren luxury Automotive entered into a partnership with MSO LABORATORY to create McLaren NFT unique in limited edition. In addition, Hyundai is expected to reveal NFT presenting its mobility solutions as part of the automaker’s “metamobility universe”. THESE 2022.

On the other hand, MotoGP also signed a multi-year sponsorship deal with a Romanian company CryptoDATA Tech. The latter develops hardware and software cybersecurity solutions based on blockchain technology.

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