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Formula One files trademarks across the crypto industry

Formula One

Formula One has announced that it has filed eight trademarks for its ‘F1’ abbreviation across several sectors of the crypto industry. The move means the racing company is looking to gather a strong foot across the Web3 ecosystem. In the statement made available by the attorney in charge of the filing, the car race platform made the filing on October 5 across more than eight sectors of the crypto market.

Formula One announces eight trademarks

In the statement, the officer in charge mentioned that said trademarks would cover all its products across the crypto, blockchain, marketplaces, NFTs, and virtual retail stores, among others. This trademark also means that the company is planning to make a groundbreaking entrance into the sector. It also means that Formula One is mulling plans to play a front role across the entire crypto sector. Aside from covering the Web3 ecosystem, the company also wants to cover other virtual aspects of the market with the filing, which will cover virtual goods sold to buyers in terms of collectibles.

Web3 ecosystem is opening up to more participants

The trademark filed in the blockchain technology sector will also see the company enter the financial aspect of the crypto market. This means that developing a digital asset or token is not far-fetched. The trademark will also cover the entertainment aspect of digital collectibles. This aspect will cover NFTs, and virtual and augmented reality, among others. Some months ago, the company announced that it had registered a trademark in the US for the use of its products in the Las Vegas strip. At the time, there were plans to list a wide range of products and merchandise belonging to the car race company.

This will kick off next year when the company hosts its regional race. F1 has become one of the few companies to make a grand entrance into the Web3 ecosystem. Although still in its earliest phase, the ecosystem has seen a lot of patronages, causing it to grow tremendously. Asset managers have also had a massive influx into the Web3 ecosystem. One of them includes Bitwise’s recent launch of products for high-scale investors.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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