One of the world’s most important brands Formula 1started building new brands associated with NFT and the cryptocurrency industry.
According to one of the files belonging to the Formula 1 company, it plans to offer software for use with NFTs consisting of cryptocurrencies and digital collectibles. This software will also provide support for cryptocurrency payment and exchange transactions.
Koinfinans.com Another filing will relate to retail store services in virtual goods, as reported by. Formula 1 aims to create an online marketplace for buyers and sellers of cryptocurrencies.
It was also included in the aforementioned files that he plans to facilitate financial transactions with the help of blockchain and even enter crypto currency mining.
Beyond all developments, Formula 1 could potentially also offer entertainment services in online virtual worlds and virtual and augmented reality environments using virtual products such as NFT.
One of the applications cryptocurrency It includes intellectual property licensing services related to its units.
Formula 1, which has also applied for NFT-related trademarks for the upcoming Las Vegas Grand Prix event, which is scheduled to take place in November 2023, in late August, attracted attention with this move.
Last June, British motor racing team McLaren announced a partnership with one of the leading blockchain projects, Tezos. This February, Shiba Inu rival Floki Inu joined the list of cryptocurrencies forming motor racing collaborations by signing a deal with Alfa Romeo F1. Leading cryptocurrency FTX in April, F1 team Mercedes-AMG Petronas joined forces with
However, the regulators’ attitude towards such deals is not very good. In April, some Formula 1 teams were asked to stop branding in cryptocurrency to comply with local advertising rules during the French Grand Prix.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.