Formula One Dabbles in the Metaverse with New F1 Trademarks

Formula One Dabbles in the Metaverse with New F1 Trademarks

Formula One, the highest class of international racing for open-wheel single-seater formula racing cars, has made a foray into the metaverse and non-fungible tokens (NFTs) with eight recently filed trademarks for its globally recognized “F1” abbreviation. 

Mike Kondoudis, a licensed trademark attorney, broke the news on Twitter, revealing that the racing category filed eight trademark applications last week.

The applications included various crypto-related segments, including NFTs, crypto marketplaces, retail stores for virtual goods, cryptocurrency trading and mining, and blockchain financial transactions.

Registered trademarks suggest that F1 has plans to play an active role in the emerging Web3 ecosystem with its trademark covering software for use with cryptocurrencies, meta tokens, digital collectibles, and NFTs, as well as software for digital currency payments and exchange transactions.

Beyond software, Formula One also plans to offer retail store services in virtual goods, as well as provide an online marketplace for buyers and sellers of cryptocurrencies and NFTs.

According to the trademark filed, F1 will also venture into financial transactions via blockchain technology by providing a digital currency or digital token. 

The scope of the trademark also extends to entertainment services that use virtual goods, namely downloadable works of art, cryptocurrencies, digital collectibles, crypto collectibles, and NFTs for use in online, virtual, augmented reality, and augmented reality environments. mixed.

In August, F1’s trademark department registered two new trademark registrations with the United States Patent and Trademark Office for the Las Vegas Strip circuit, where the F1 brand and logo company will be included in a wide range of goods and services during the next run of the year.

Metaverse to Reach Staggering $996 Billion by 2030

As reported, data and analytics company GlobalData expects the metaverse market to reach a whopping $996 billion in 2030, growing by a compound annual growth rate (CAGR) of 39.8%.

“As of 2021, the media and entertainment market captured a sizable revenue share of the metaverse market. The entertainment experience we have seen through the metaverse has been through music and concerts,” said Deepak Agarwal, Project Manager at GlobalData.

Meanwhile, recent metaverse research by GamesPad, a gaming and NFT ecosystem, has revealed that 66% believe metaverse will transform everything. 

Furthermore, 37% of GamesPad Telegram followers believe that building a digital self is very important, while 27% of respondents say they definitely like having a digital presence, which makes a total of 64% of people interested in creating a digital self.

Read More About The Metaverse:

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