Formula One (F1) has filed with the United States Patent and Trademark Office (USPTO) for licenses for cryptocurrency, NFTs and crypto marketplaces, retail stores for virtual goods, blockchain financial transactions, cryptocurrency trading, mixed reality environments, and crypto mining among other things.
Michael Kondoudis, the NFT and metaverse licensed trademark attorney, revealed that the filing was made on October 5. He highlighted that individual teams such as the F1 team Mercedes-AMG Petronas and the cryptocurrency exchange FTX launched an integrated NFT initiative. Kondoudis said this project will see numerous collectibles being accompanied by a piece of an actual F1 car.
On the other hand, MotoGP has a multi-year sponsorship agreement with CryptoDATA Tech – a Romanian company. Automakers, following the emergence of the metaverse, have entered the sector in an effort to engage with their fans and consumers. But the metaverse is still in a “being developed” phase. But the engagement of prominent brands has the potential to have an influence on the industry.