Formula 1 winks at crypto and NFTs

Formula 1 winks at crypto and NFTs

Formula 1 could introduce payment support with NFT, digital collectibles and cryptocurrencies ahead of the first Las Vegas Grand Prix in 2023.

F1’s trademark department filed two new trademark applications with the US Patent and Trademark Office on August 23. Applications of the Las Vegas Strip Circuit brand and logo and outlines the wide range of products and services planned to be presented at next year’s event.

Particularly noteworthy was the mention of NFT and crypto-related offerings, as well as blockchain-based transaction services. It is stated that NFTs will represent ownership of various real-world items such as vehicle equipment, decoration items, clothing, bags, wallets and even perfumes.

The “downloadable computer software for handling cryptocurrency transactions using blockchain technology,” mentioned in the application, indicates that the organization may be preparing to support cryptocurrency payments.

A paragraph describing financial products and services covering cryptocurrencies and blockchain-based payment systems also reinforces this argument:

“Financial services, including e-wallets and cryptocurrencies; electronic transfer of crypto assets; foreign exchange services; currency trading; virtual currency services; electronic fund transfers with blockchain technology; financial transactions via blockchain; crypto services, i.e. digital currency or token offering, token supply, NFT supply by global computer network.”

The supply of cryptography software is also included in the documentation, both applications include downloadable software for executing cryptocurrency transactions with blockchain technology.

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