Formula One Files NFT and Crypto Related Brands

Formula 1 racing giant filed two brands related to non-fungible tokens and crypto for the Las Vegas Grand Prix event, which is expected to take place in November 2023.

According to filings, Formula 1 plans to give away virtual goods in the form of sports equipment, virtual clothing, headphones, lanyards, souvenirs, key rings, digital art, jewelry, sculptures and other items.

It also intends to offer cryptocurrency exchange, currency exchange, virtual currency services as well as carbon offsets.

The street race will take place right in the center of Las Vegas. It will include part of the neon-soaked strip, which is lined with high-end casino hotels, restaurants and a host of attractions.

In May, Formula 1 acquired a 39-acre site in the center of “Sin City” to build the pit and paddock complex.

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