Formula One Expands into Crypto with Eight New Trademark Filings
Formula One Ventures into Cryptocurrency and NFTs
Formula One has taken a significant step into the cryptocurrency and NFT space by filing eight new trademarks. These filings, shared by trademark attorney Mike Kondoudis on Twitter, cover a wide range of digital asset-related services.
Scope of the Trademark Filings
The trademarks include coverage for:
- Cryptocurrency and NFT transactions
- NFT and crypto marketplaces
- Retail stores for virtual goods
- Blockchain financial transactions
- Cryptocurrency trading and mining
Additionally, Formula One has filed for trademarks related to entertainment services, including non-downloadable virtual goods, augmented reality, and mixed reality environments. The organization also plans to create entertainment programs for online virtual worlds.
Retail Store Services for Digital Assets
The trademarks extend to retail store services, providing an online marketplace for buying and selling cryptocurrency, meta tokens, digital collectibles, and NFTs.
Part of a Larger Trend
This move aligns with a broader trend of companies entering the crypto space. In 2022, over 5,800 trademark applications were filed with the U.S. Patent and Trademark Office (USPTO) for NFTs and related technologies, more than double the 2,087 applications in 2021.
Conclusion
Formula One's expansion into the crypto and NFT space highlights its commitment to embracing emerging technologies and digital innovation. This strategic move positions the brand to capitalize on the growing demand for virtual goods and blockchain-based services.
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