Formula 1 (F1) has filed two trademark applications to the USPTO for the 2023 Las Vegas Strip Circuit Grand Prix, it may have nonfungible tokens (NFTs), digital collectibles, and cryptocurrency payment functionality.
On August 23, two fresh trademark applications were submitted to the USPTO by F1’s trademark division. The documents include a comprehensive description of the products and services that the race wants to provide during the competition next year, as well as the trademark and emblem for the Las Vegas Strip Circuit.
The specific mentions of NFT, bitcoin, and transactional services backed by blockchain were of particular interest. The document mentions NFTs that will represent ownership of a wide range of physical goods, including “perfumery,” apparel, purses, and even accessories for vehicles and homes.
Additionally, “downloadable computer software for managing Bitcoin transactions using blockchain technology” is mentioned in the application, which could mean that the race and its organizers are getting ready to accept cryptocurrency payments.
Another clause describing financial products and services that span the full range of cryptocurrencies and blockchain-based payment systems serve as more evidence of this:
“Financial services including e-wallets and cryptocurrency; electronic transfer of crypto assets; currency exchange services; currency trading; virtual currency services; electronic funds transfer provided via blockchain technology; financial transactions via blockchain; cryptocurrency services, namely, providing a digital currency or digital token for use via a global computer network; provision of tokens; provision of non-fungible tokens.”
Both papers feature downloadable software for processing bitcoin transactions utilizing blockchain technology, indicating the availability of cryptographic software as well.
Over the past few years, Formula One has served as a significant advertising platform for numerous cryptocurrency exchanges.
Since joining the roadshow as a global partner, Crypto.com’s branding has been prominently displayed on F1 track advertising boards all around the world. Eight of the ten F1 teams are supported by companies in the bitcoin industry, as has been previously reported.
After the well-known motorsport organization announced in March 2022 that Las Vegas would be the newest addition to the race calendar in 2023, Sin City is ready to host its first-ever Formula One event.
That means it will be just over a year before the first race, a night race that will serve as the third stop on the F1 roadshow’s tour of the United States in November, cruises along the Las Vegas Strip.