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Formula One registers ‘F1’ trademarks to enter in Web3 ecosystem

With eight recently submitted trademark applications for the widely famous abbreviation “F1,” Formula One is working toward establishing itself as a significant player in the Web3 ecosystem.

According to licenced trademark attorney Mike Kondoudis, the race-car league submitted eight trademark applications on October 5 covering cryptocurrency, non fungible tokens (NFTs), crypto marketplaces, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain financial transactions. Mike Kondoudis is a member of the American Trademark Association.

The trademark applications that F1 has submitted imply that the company intends to play an active role in the developing Web3 ecosystem. F1’s trademark covers software that can be used with cryptocurrencies, meta tokens, digital collectibles, and NFTs. Additionally, the trademark covers software that can be used for payment and exchange transactions involving digital currency.

In addition to the development of software, Formula One intends to provide both an online marketplace for buyers and sellers of cryptocurrencies and non-fungible tokens (NFTs), as well as retail store services for virtual items.

According to the trademark application that was submitted, F1 will also engage in financial transactions via blockchain technology by offering a digital currency or digital token to its customers. The protection afforded by the trademark extends to entertainment services that make use of virtual goods, such as downloadable artwork, cryptocurrencies, digital collectibles, crypto-collectibles, and non-fungible tokens (NFTs), which can be utilised in online, virtual, augmented, and mixed-reality settings.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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