Sports events and crypto have gone hand in hand in recent times. Earlier this year, the Super Bowl event was heavily sponsored by crypto firms, leading many to call it the “Crypto Bowl.” Another sporting event that has begun associating itself with cryptocurrency-related names is Formula 1 (F1), and the motorsport event has applied for two Las Vegas Grand Prix trademarks.
Mike Kondoudis shared the news as he is a USPTO licensed trademark attorney. According to the trademark filing, F1 has plans for NFTs (non-fungible tokens), cryptocurrency, insurance & financial services, virtual clothing, sports gear, currency trading, and more.
The event may use an NFT-based ticketing service, like the one at the 2022 Super Bowl. Moreover, F1 will likely sell some NFT-based virtual goods that can be used in games or the metaverse.
The Las Vegas Grand Prix has already riled up audiences, and the event is returning to “Sin City” after nearly 40 years. The last time a Formula 1 event took place in Las Vegas was in 1982 with the Caesars Palace Grand Prix.
Crypto and Formula 1
This is not the first time Formula 1 has forayed into crypto, and most F1 teams have endorsements and sponsorships from crypto firms.
Additionally, Crypto.com, a major exchange, is a partner of the F1 and was the title sponsor of the Miami Grand Prix held in May.
Alpine announced the launch of a fan token on the crypto exchange Binance earlier this year. The affiliation between Fantom and AlphaTauri, Red Bull’s sister club, has been extended after it was announced in May 2021.
Mercedes and FTX reached an arrangement in September, while McLaren has a partnership with Bitci.com for 2022.
Even Dogecoin creator Billy Markus expressed his desire for DOGE to sponsor the Haas F1 team, and Markus cited that both were underdogs and very “memeable.”