On the eve of the Las Vegas Grand Prix, Liberty Media filed an application with the US Patent Office for the acquisition of trademarks based on collectible tokens.
U.S. Patent and Trademark Office Licensed Trademark Attorney Mike Kondoudis revealed that the Formula 1 racing series owner has applied for two NFT and cryptocurrency-related trademarks for the Las Vegas Grand Prix, scheduled for November 2023.
According to Kondudis, Formula 1 intends to offer virtual merchandise, including apparel, sports equipment, headphones, jewelry, digital art and more. The NFT-related trademark initiative is scheduled to be rolled out ahead of the Las Vegas Grand Prix next fall.
The Las Vegas Grand Prix is one of the few Formula 1 racing events that takes place at night. F-1 pilots on their cars will drive through the very center of the famous resort city, and the absence of sharp turns will allow a top speed of more than 340 km/h.
This is not the first Liberty Media initiative to increase the popularity of racing among young people. In 2019, the company announced the launch of the F1 Delta Time game on the blockchain together with the Hong Kong studio Animoca Brands. Unfortunately, the project was not viable and after three years it was closed. In the game, non-fungible tokens (NFT, ERC-721 tokens) acted as collectible items. Thanks to them, it was possible to buy and sell NFT-based in-game objects such as cars and drivers. The reason for the closure is that the licensed Formula 1 game has lost its official license. This was a major blow to the project, where the license is related to the sale of digital items based on the blockchain.
