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Top Metaverse News: Formula One enters the metaverse with two trademark registrations for the Las Vegas circuit

29 Aug 2022 By: Rohit Tripathi
Top Metaverse News:

Formula One (F1) has made advances into non-fungible tokens (NFTs) 

And the metaverse realm with trademark registrations ahead of the Las Vegas Grand Prix in November 2023.

On August 23, the entity registered two trademarks for the circuit with the United States Patent and Trademark Office (USPTO).

In a tweet on August 29, licensed trademark attorney Michael Kondoudis announced the filing, which would include NFTs, cryptocurrencies, insurance, and financial services, virtual clothes and sports gear, currency trading, and virtual currency services, among other things.

F1’s involvement with NFTs 

It's worth noting that the trademark registrations represent Formula One's joint interest in the NFT market. However, Individual teams on the platform already have agreements with crypto-related entities. Notably, certain teams, like Red Bull, have sponsors from the cryptocurrency industry.

However, the involvement of cryptocurrency in racing has caused controversy in several jurisdictions. According to CoinGabbar, several Formula One teams were ordered to remove crypto-related logos at the French Grand Prix in July. The decision was made in accordance with France's strict crypto advertising legislation.

At the same time, F1 team Mercedes-AMG Petronas and cryptocurrency exchange FTX launched a combined NFT initiative that would include many collectibles as well as a piece of an actual F1 car.

More motor makers involved in metaverse 

Following the growth of the metaverse concept, various automobile manufacturers have progressively entered the sector to communicate with fans and consumers. Although the concept is still in the works, the engagement of prominent brands has the potential to have an influence on the sector.

In May, CoinGabbar revealed that McLaren Automotive, a British luxury supercar manufacturer, has collaborated with MSO LAB to build unique, limited-edition McLaren NFTs.

Elsewhere, Hyundai Motor is anticipated to debut NFTs representing its mobility solutions as part of the 'Metamobility Universe,' which the company will showcase at CES 2022.

On the other hand, MotoGP also signed a multi-year sponsorship agreement with CryptoDATA Tech, a Romanian company that develops hardware and software cybersecurity solutions based on blockchain technology.

Read also: Top Cryptocurrency News: Singapore Intends to Make Retail Cryptocurrency Trading More Difficult