Formula One Files Trademark Applications For Crypto and NFTs

Formula One Files Trademark Applications For Crypto and NFTs
  • Every year, 22 nations across five continents host races for Formula 1.
  • Earlier Crypto.com signed up as Formula One’s first-ever worldwide partner.

On October 5th, Formula One revealed its intentions to expand into the cryptocurrency, non-fungible token (NFT), and metaverse sectors by filing eight trademark applications with the United States Patent and Trademark Office (USPTO).

Mike Kondoudis, a trademark lawyer registered by the USPTO, tweeted:

“Formula One has filed 8 trademarks for ‘F1’ covering: Cryptocurrency + NFTs, NFT + Crypto marketplaces, Retail stores for virtual goods, Blockchain financial transactions, Cryptocurrency trading + mining … and more.”

These trademark registration numbers are: 97620234, 97620226, 97620223, 97620220, 97620218, 97620213, 97620210, and 97620208. Formula One Licensing B.V., a subsidiary of the Formula One Group located in the Netherlands, submitted the applications and asserts ownership of the Formula One and F1 trademarks.

Collaboration With Crypto.com

Every year, 22 nations across five continents host races for Formula 1, making it the biggest annual global athletic event. The company boasts of having over half a billion enthusiastic fans backing the world’s top drivers and constructors.

The official title sponsor of the Formula 1 Crypto.com Miami Grand Prix was announced in February by South Florida Motorsports (SFM), a Formula 1 associate organization. Ad Age reported last week that in the aftermath of crypto winter, crypto company Crypto.com has been “downsizing its marketing deals and headcount,” which may have an impact on the company’s ambitions with Formula One.

In June of last year, Crypto.com signed up as Formula One’s first-ever worldwide partner for the 2021 Sprint season.

Stefano Domenicali, president and CEO of Formula 1, stated that time:

“We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.