F-1 enters the NFT market to popularize automobile races – Bits Media

The Liberty Media company, on the eve of the Grand Prix of Las Vegas, has submitted to the US Patent Bureau an application for the purchase of trademarks based on collection tokens.

Licensed attorney for trademarks of the department for patents and trademarks of the United States Mike Condudis (Mike Kondoudis) reported, that the company-owner of the Formula-1 racing series has applied for two trademarks associated with NFT and cryptocurrencies for the Las Vegas Grand Prix, planned for November 2023 of the year.

According to Condudisis, Formula 1 intends to offer virtual souvenir products, including clothes, Sports equipment, headphones, jewelry, digital art items and much more. Planned, that the initiative with trademarks, associated with NFT, will be implemented on the eve of the Las Vegas Grand Prix in the fall of next year.

Gren-Prix Las Vegas is one of the few racing events "Formula 1", which are held at night. F-1 pilots on their car will pass through the very center of the famous resort city, and the absence of steep turns will allow to develop the maximum speed of more 340 km / even.

This is not the first Liberty Media initiative to increase the popularity of young people. IN 2019 For a year, the company announced the launch of the game F1 Delta Time on the blockchain together with the Hong Kong Studio Animoca Brands. Unfortunately, the project was not viable and after three years was closed. In the game Non-Fungible tokens (NFT, ERC-721 tokens) acted as collection elements. Thanks to them, it was possible to buy and sell intra -game objects based on NFT, such as cars and drivers. The reason for the closure is, that the licensed game "Formula 1" has lost its official license. This was a serious blow for the project, Where the license is associated with the sale of digital objects based on blockchain.