Before the inaugural Las Vegas Grand Prix in 2023, Formula One may add nonfungible tokens (NFTs), digital collectibles, and cryptocurrency payment functionality.
On August 23, F1’s trademark department filed two new trademark applications with the United States Patent and Trademark Office. The files define the Las Vegas Strip Circuit’s trademark and logo, as well as a comprehensive list of goods and services that the event wants to sell during next year’s race.
Specific mentions of NFT and cryptocurrency-related offerings, as well as blockchain-powered transactional services, piqued my curiosity. According to the filing, NFTs will represent ownership of a wide range of real-world objects, including automotive equipment, ornamental items, apparel, bags, and so on.
The application also mentions “downloadable computer software for managing bitcoin transactions using blockchain technology,” which could imply that the race and its organisers are planning to accept cryptocurrency payments.
Another clause addressing financial goods and services encompassing bitcoin and blockchain-based payment systems exemplifies this:
Both submissions include downloadable software for processing cryptocurrency transactions utilising blockchain technology, as well as the distribution of cryptography software.
Cointelegraph has contacted the Formula One trademark department to learn more about the file for the Las Vegas Grand Prix, as well as whether the wide list of goods and services indicates confirmation of intent for NFT and cryptocurrency offerings.
Over the last few years, Formula One has served as a major advertising platform for a variety of cryptocurrency exchanges. After becoming a global partner of the roadshow, Crypto.com’s branding has been widely visible on F1 track advertising boards around the world for the past year. As previously reported, various bitcoin exchanges and organisations sponsor F1 teams, with eight of the ten teams supported by industry participants.
After the much-loved motorsport club revealed in March 2022 that Las Vegas would be the newest addition to the race calendar in 2023, the Sin City is ready to host its first-ever Formula One event.
That leaves just over a year until the first race, a night race along the Las Vegas Strip, becomes the third stop in the series.