Formula 1 Management Made New Applications in Cryptocurrency and NFT!

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Racing giant Formula 1 for the Las Vegas Grand Prix event, which is expected to take place in November 2023 non-fungible tokens (NFT) and cryptocurrencies filed two trademark applications.

Formula 1 Management May Be Planning To Offer Various Products As NFT

According to the filings, Formula 1 plans to offer virtual goods in the form of sports equipment, virtual clothing, headsets, lanyards, souvenirs, keychains, digital art, jewellery, sculptures and other items.

It also aims to offer cryptocurrency exchange services, currency trading, virtual currency services and carbon offset services.

The street-themed race will take place in the very center of Las Vegas. Teams will compete against each other in luxury casino hotels, restaurants and a range of attractions.

In May, Formula 1 purchased 39 acres of land in “Sin City” to build the racing complex.

Last June, British auto racing team McLaren formed a partnership with blockchain project Tezos.

With the popularization of cryptocurrencies in 2021, many real-world companies entered the virtual asset sector in order to get a share of this market.

However, the stock and crypto-asset markets suffered a huge drop, especially after the FED ended its loose monetary policy during the pandemic. However, interest in NFT and crypto assets continues to be shown by institutional and individual investors.

In the NFT world, especially the Bored Ape Yacht Club project draws attention with its recent initiatives.

*Not investment advice.

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