Formula One May Add NFT And Crypto Payments To Its Roster

Formula One may add NFT and crypto payments functionality to its roster before the first Las Vegas Grand Prix, which is set to happen next year.

On August 23, F1’s trademark department filed two new trademark applications with the United States Patent and Trademark Office. The files define the Las Vegas Strip Circuit’s trademark and logo, as well as a comprehensive list of products and services that the event wants to sell during next year’s race.

Specific references of NFT and cryptocurrency-related offerings, as well as blockchain-powered transactional services, were of special interest. According to the application, NFTs will indicate ownership of a wide range of real-world objects such as automotive equipment, ornamental items, apparel, purses, wallets, and even “perfumery.”

The application also mentions “downloadable computer software for handling crypto transactions using blockchain technology,” which might imply that the race and its organizers are planning to accept cryptocurrency payments. Formula One may add NFT and crypto payments soon.

Another clause addressing financial products and services encompassing crypto and blockchain-based payment systems exemplifies this:

“Financial services including e-wallets and cryptocurrency; electronic transfer of crypto assets; currency exchange services; currency trading; virtual currency services; electronic funds transfer provided via blockchain technology; financial transactions via blockchain; cryptocurrency services, namely, providing a digital currency or digital token for use via a global computer network; provision of tokens; provision of non-fungible tokens.”

Both submissions include downloadable software for processing cryptocurrency transactions utilizing blockchain technology, as well as the distribution of cryptographic software.

Over the last several years, Formula One has served as a key promotional platform for a variety of cryptocurrency exchanges. After becoming a global partner of the roadshow, Crypto.com’s logo has been widely visible on F1 track advertising boards across the world for the last year. As previously reported, various cryptocurrency exchanges and organizations sponsor F1 teams, with eight of the ten teams supported by industry participants.

After the much-loved motorsport club revealed in March 2022 that Las Vegas will be the newest addition to the race calendar in 2023, the Sin City is ready to host its first-ever Formula One event.

That leaves just over a year until the inaugural event, a night race along the Las Vegas Strip, becomes the third destination in the United States for the F1 roadshow next November.

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