The non-fungible token (NFT) sector continues to grow in leaps and bounds with several brands launching new products despite an overall decline in global NFT market sales.
On Wednesday, October 5, race-car league Formula One filed eight trademarks under its “F1” banner which will cover cryptocurrencies, NFTs, crypto marketplaces, retail stores for virtual goods, blockchain financial transactions, and cryptocurrency trading plus mining, according to a tweet by the United States Patent and Trademark Office (USPTO) licensed attorney Mike Kondoudis.
The NFT industry is worth approximately $40 billion, according to data from CryptoSlam. Its existence on blockchain technology which has been labeled as secure by many analysts has paved the way for thousands of artists and companies to monetize their art.
With the trademarks, F1 will employ the software for use with cryptocurrency, meta tokens, digital collectibles, crypto-collectibles, and non-fungible tokens; software for digital currency payment and exchange transactions.
Aside from that, they can provide retail store services for virtual goods. Moreover, they will also be involved in financial transactions via blockchain such as electronic funds transfers provided by blockchain technology. The trademarks will also be used in cryptocurrency trading and exchange services which include providing a digital currency or digital token.
As a global brand, the trademarks will play a valuable role in the numerous entertainment services F1 is involved in such as non-downloadable artwork, and virtual and augmented reality environments.
This was not the first time the racing league organizers have dabbled into the Metaverse. Back in August, F1 registered two trademarks with the USPTO for its Las Vegas Strip Circuit. Due to its global reach, F1’s brand and logo were going to be listed on most of the goods and services during 2023’s race. As a result, the company decided to act by getting the necessary certifications so that it can have legal and digital backing for its intellectual properties.
F1 is not the sole company that has filed trademark applications in 2022. As of October 2022, there have been 4,317 trademark applications filed in the United States, according to Mike Kondoudis.
Over the months, IN-N-OUT BURGERS, Terrell Owens, Del Monte Foods, Department of the Army, Ford Motor Company, Amazon Technologies, Inc., Disney Enterprise Inc., and Sony Music Entertainment have all filed for trademarks.