F1 files two NFT and crypto trademark applications
Filings come after several crypto sponsors sign deals with teams and grand prix tracks
Formula 1 (F1) have filed two trademark applications for the Las Vegas Grand Prix 2023 relating to non-fungible tokens (NFTs), cryptocurrencies and the metaverse.
Mike Kondoudis, a United States Patent and Trademark Office (USPTO) licensed trademark attorney, revealed this news via Twitter.
F1 is the highest class of international racing for open-wheel single-seater formula racing cars.
F1’s crypto history
In May 2022, crypto spot and derivatives trading exchange OKX announced a multi-year partnership with McLaren Racing to become a primary partner of the McLaren F1 team and McLaren Shadow esports team.
At the time, McLaren said it believed the partnership with OKX would “support the team’s global fan experience, by providing fans with exciting opportunities and product innovations to bring them closer to the action.”
Prior to the OKX announcement in February, Crypto.com said it was the official title partner of the F1 Miami Grand Prix. As part of the nine-year deal, the Grand Prix will be named the F1 Crypto.com Miami Grand Prix
Also in February, cryptocurrency trading platform Bybit signed a multi-year deal with F1 racing team Red Bull Racing as a principal team partner. The deal was dubbed the “largest per annum cryptocurrency sports agreement to date”. The partnership was said to be worth $50m (£42m) a year and its aim was to increase fan engagement.
Copper CEO: ‘Motorsports has embraced crypto’
Earlier this year, Dmitry Tokarev, CEO of Copper, which specialises in cryptocurrency custody and trading for institutional investors, told Currency.com “motorsports has particularly embraced crypto”.
“Big, well-known sporting organisations partnering with crypto firms is without a doubt a positive development for our industry. Motorsports has particularly embraced crypto, as we have seen from major partnerships over the last three years,” said Tokarev.