F1 files trademark for 2023 Las Vegas Strip Circuit Grand Prix, listing NFTs and cryptocurrency in a variety of potential goods and services on offer.
Formula One could introduce nonfungible tokens (NFTs), digital collectibles and cryptocurrency payment support ahead of the inaugural Las Vegas Grand Prix in 2023.
F1's trademark department registered two new trademark filings with the United States Patent and Trademark Office on August 23. The filings outline the trademark and logo for the Las Vegas Strip Circuit and a wide-ranging list of goods and services that the event intends to offer during next year’s race.
Of particular interest were specific mentions of NFT and cryptocurrency-related offerings as well as blockchain-powered transactional services. The filing notes NFTs that will represent ownership of a wide variety of real-world items, including vehicle equipment, decorative items, clothing, bags, wallets and even "perfumery."
Formula 1 and the Crypto World
image from mclaren.com
Formula 1 has already established a relationship with the crypto world. In June last year, the popular digital asset exchange – CryptoCom – became the Global Partner and Inaugural Partner of Formula One’s new Sprint series for 2021.
Earlier this year, both parties inked another agreement, turning the trading venue into the Official Title Partner of the Miami Grand Prix.
FTX and Bybit have also partnered with Formula 1. The former collaborated with the Mercedes team to feature its logo on its cars, while the latter did the same with the Red Bull racing squad.
McLaren Racing announced in May 2022 a major multi-year partnership with OKX, one of the largest cryptocurrency exchanges by trading volume, as a Primary Partner of the McLaren Formula 1 Team and McLaren Shadow esports Team from 2022. The relationship with OKX will support the team’s global fan experience, providing fans with exciting opportunities and product innovations to bring fans closer to the action.