Formula 1 has filed eight new US trade mark applications for the F1 logo covering goods and services relating to NFTs, the metaverse, and cryptocurrency.
This follows two similar applications filed in the US earlier this year in relation to the Las Vegas Grand Prix which is expected to take place in November 2023.
The new F1 applications filed on 5 October cover a broad range of goods and services including cryptocurrency mining, virtual and mixed reality environments, retail services for virtual goods, and IP licensing services in relation to NFTs and digital content. The virtual goods and NFTs specified under the applications include cars, protective helmets, avatars, digital collectibles, artwork, clothing, games and toys, to name but a few.
These filings indicate that F1 intends to significantly expand its reach and to position itself in the quickly developing Web3 space. F1 racing teams such as Mercedes, Red Bull, McLaren and Alfa Romeo have also independently announced partnerships with NFT and blockchain companies including Tezos (Red Bull and McLaren) and FTX (Mercedes), signalling that the world's fastest racing competition will be speeding into the metaverse.