After a successful initial experiment last year, Formula 1 (F1), last week filed for two trademarks related to NFT, crypto and blockchain, in anticipation of its Las Vegas Grand Prix circuit to be held in November 2023.
NFT in the form of sports equipment and vehicles
After more than 40 years, Formula 1 is returning to one of the most famous cities in the world – Las Vegas. The last time F1 was in the Silver City, in 1981 and 1982, the circuit was built entirely on the parking lot of the famous Caesars Palace casino.
The 6-kilometer-long course will weave its way through the casinos of Vegas and will see the F1 cars reach speeds of over 340 km/h.
According to a tweet from trademark attorney Mike Kondoudis, Esq, Formula 1’s plans for the event include “NFTs, cryptos, insurance and financial services, virtual apparel, sports equipment, crypto-exchanges and virtual currency services,” among others.
NFTs in the form of virtual goods such as sports equipment and vehicles, decorative items, clothing, accessories, keychains, digital art and more will be available.
Expected financial services include “virtual currency services, electronic fund transfers provided via blockchain technology, financial transactions via blockchain, crypto-services, token provision, non-fungible token provision, carbon credit brokering and carbon offset brokering.”
Formula 1 also aims to sell virtual goods such as sports equipment, virtual clothing, headphones, shoelaces, souvenirs, keychains, digital art, jewelry, sculptures and other items, according to the documents.
The street race will take place in the heart of Las Vegas. It will include a neon-lit section of the strip filled with high-end hotel-casinos, restaurants and a variety of other attractions. The track is believed to be 3.8 miles long, with high speeds of 212 miles per hour.
Formula One purchased 39 acres of land in the heart of “Sin City” in May to build the pit and paddock complex.
Last year, even before its NFT plans, the McLaren F1 team announced a strategic technology collaboration with Tezos. As part of the agreement, McLaren’s top racers will wear Tezos branding on their racing suits.
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