Non-fungible tokens (NFTs) continue gaining mainstream adoption despite the recent general crypto market meltdown. Racing giant Formula one (F1) is the latest platform to jump into the NFT space. Formula One has filled two patents with the United States Patent and Trademark Office (USPTO) related to cryptocurrency and NFTs.
On August 29, Michael Kondoudis, a USPTO-licensed trademark attorney, confirmed that Formula 1 filled two patents related to non-fungible tokens (NFTs) and crypto ahead of its highly anticipated Las Vegas Grand Prix in November next year.
According to Kondoudis, Formula One plans to offer tokenized virtual goods, including virtual clothing, headphones, lanyards, keyrings, digital art jewelry, sculpture, and other items. Moreover, Formula One anticipates offering cryptocurrency exchange services, currency trading, and virtual currency services alongside carbon offset.
Las Vegas Grand Prix In November 2023
The recent patent application is reportedly part of the preparation for its highly anticipated Grand Prix in November 2023. The street-based race will take place in the central business district of Las Vegas.
Formula One confirmed hosting a 50-lap Las Vegas Grand Prix racing tournament in May. At the time, Formula One announced the acquisition of 39 acres-site in the center of “SinCity” to build the pit and paddock complex.
The racing tournament will incorporate a stretch of the neon-soaked strip, lined with upscale casino hotels, restaurants, and other attractions. The racing will be 3.8 miles long, with high speeds reaching a whopping 212 mph.
Formula One’s Other NFT Investments
In late April, Formula One racing team, Mercedes-AMG Petronas, announced its partnership with crypto exchange FTX to establish the NFT project, featuring collectibles with a piece of an actual F1 car.
In June, British motor racing team Mc Laren inked a partnership deal with blockchain project Tezos to create an NFT platform. Previously, Floki Inu announced a branding deal with Alfa Romeo F1 in February.
Unfortunately, several Formula One teams recently terminated their crypto-related branding partnerships during the French Grand Prix in July, following stringent local adverting regulations.
Elsewhere, Tamadoge (TAMA) is another NFT and metaverse-related project trending online right now. Tamadoge has raised more than $9.2 million on presale.