Formula 1 –The highest class of automobile racing – has filed two trademarks related to non-fungible tokens (NFTs) and cryptocurrencies for the upcoming Las Vegas Grand Prix event, which has been scheduled for November 2023.

This is not the 1st time Formula 1 is interacting with the digital asset sector. CryptoCom which is one of the leading exchanges – served as its Global Partner, while other platforms, including FTX, have signed agreements with a good number of the best-performing teams.

• According to the filing, as revealed by Mike Kondoudis, Formula 1 intends to offer virtual goods, which include virtual clothing, souvenirs, headphones, sports gear, jewelry, digital art, and much more.
• Offering currency trading, exchange services for cryptocurrencies, and carbon offset are also part of the plan.
• The initiative is been arranged to go live ahead of the Las Vegas Grand Prix scheduled for November next year.
• The contest will be among the few events that will be held at night. The cars will pass through the very center of the renowned resort city, and the drivers will be allowed to reach a maximum speed of over 212 mph (340 km/h) as there will be no sharp turns.
• Formula 1 has an already established relationship with the crypto world. In June last year,  CryptoCom – became the Global and Inaugural Partner of Formula One’s new Sprint series for 2021.
• Earlier this year, both parties signed another agreement, turning the trading venue into the Official Title Partner of the Miami Grand Prix.
• Bybit and FTX have also partnered with Formula 1. The latter collaborated with the Mercedes team to feature its logo on its cars, while the former did the same with the Red Bull racing squad.

Featured Image Source: cointelegraph.com