The Formula One (F1) racing giant is officially joining the NFT space as it recently filed two patents related to cryptocurrency and NFT with the United States Patent and Trademark Office (USPTO).
On August 29, Michael Kondudis confirmed that Formula 1 has filed two NFT and cryptocurrency-related patents ahead of the highly anticipated Las Vegas Grand Prix next November.
According to Kondudis, Formula 1 plans to offer tokenized virtual goods, including virtual clothing, headphones, straps, key chains, digital jewelry, sculptures, and other items. In addition, Formula 1 plans to provide cryptocurrency exchange services that would meet environmental safety standards.
The recent patent application is reportedly part of the preparations for the highly anticipated Grand Prix in November 2023. The race will take place in the central business district of Las Vegas.
At the end of April, the Formula 1 racing team Mercedes-AMG Petronas announced its partnership with the FTX cryptocurrency exchange to create an NFT project, which will feature collectibles with a part of a real car.
In June, the McLaren team signed a partnership agreement with Tezos to create an NFT platform. Earlier in February, Floki Inu announced a branding deal with Alfa Romeo.
However, some F1 teams had to break agreements related to cryptocurrencies and NFTs during the French Grand Prix in July, following strict local advertising regulations.
