Formula One Reveals Plans to Join the Web 3.0 World

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  • Formula One has filed trademarks revealing plans to enter the Web 3.0 world
  • The trademarks are spread across cryptocurrency, metaverse and NFTs
  • The race-car league is also eyeing blockchain-based financial transactions

Formula One has filed eight trademarks revealing its plan to join the Web 3.0 space. Scattered around cryptocurrency, NFTs and the metaverse, the trademarks include crypto trading, mining and the sale of virtual goods. The racing league is also looking to offer blockchain-based financial transactions.

Not Everything is Powered by Blockchain

The plans reveal that F1 is looking to develop marketplaces for virtual assets, offer crypto mining, create NFTs and birth other products and services in the Web 3.0 and metaverse worlds. Apart from software-based interactions with Web 3.0, F1 intends to open a physical retail store to sell virtual items.

According to the trademarks, Formula One is also interested in developing a virtual token to facilitate blockchain-powered financial transactions.

The trademarks further disclose that the global auto racing sport will also delve into virtual and augmented reality worlds powered by NFTs and other types of collectibles. Another area of interest is intellectual property licensing services concerning “cryptocurrency, digital collectibles, crypto collectibles, meta tokens and non-fungible tokens.”

Not the First Trademark Filing

The new trademarks add to the list of two others filed in the United States in August. In its August filing, Formula One disclosed plans to interact with NFTs, crypto payments and collectibles during the Las Vegas Grand Prix scheduled for next year. According to available details, the NFTs would be tied to tangible items such as bags, clothing, wallets and car equipment.

Interestingly, both filings seem to revolve around the same points suggesting that the international auto racing sport is inching closer to embracing the Web 3.0 world.