- The world’s most popular racing brand is the hottest news in web 3.0 universe.
- F1 joins a growing list of financially strong entities entering the land of crypto.
F1 based digital tokens and assets will materialize – soon
Formula One is planning its own marketplace for cryptocurrency, Non Fungible Tokens (NFTs), meta tokens, digital tokens and crypto tokens. F1 is one of the most popular sporting brands. The open wheel, single seat racing competition is set to enter the world of digital tokens riding the F1 brand name.
Trademark attorney Mike Kondoudis tweeted details regarding F1’s trademarks on October 10. Formula 1 filed the trademarks on October 5th.
“Formula One has filed 8 trademarks for “F1” covering:
Cryptocurrency + NFTs
NFT + Crypto marketplaces
Retail stores for virtual goods
Blockchain financial transactions
Cryptocurrency trading + mining
… and more!#NFTs #Metaverse #Cryptocurrency #Web3 #F1 pic.twitter.com/C3OYo3wSl8”
Given the trademarks filed, the racing franchise will venture into digital finance, including the development of a digital marketplace where NFTs and digital tokens can be traded. These may include cryptocurrencies, artwork, merchandise and other digital collectibles.
Earlier in August, F1 had filed trademarks with the US Patent and Trademark Office for the Las Vegas circuit. Several goods and services will carry the F1 logo during next year’s race.
F1 is among some of the well known brands that are making inroads into the web3 space. Disney, Nike and Starbucks are dabbling with web3 concepts to establish their presence in this upcoming technology.
Web3 and its significance
We are in the age of web 2.0 and its biggest flaw is that powerful companies own most of the content and dictate the rules that govern it. These rules make all the difference between a truly democratic and a pseudo-democratic concept sold as free and fair for all. Web 3.0 will address most of these flaws associated with decentralization via Blockchains and cryptocurrencies. Web 3.0 will redefine digital currency and digital ownership forever – no organization will be able to control or ‘regulate’ money on the internet and change ownership of digital assets.
Web 3.0 is a promising technological concept, however, since most of the developers are youngsters that don’t own wealth or assets or even political clout, it’s going to be a while before it can materialize on a truly meaningful scale. Nevertheless, the good news is that large companies themselves are venturing into web 3.0, Formula 1’s news being case in point. With companies like Meta and Disney exploring markets in these new areas, institutionalization is bound to happen. And if they try to monopolize this market as well, they will not be successful.
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