Formula One Files NFT and Crypto Patents

It seems that racing fans are about to get the NFT treatment. This comes as Formula One, the top racing league in the world, has filed patents for NFT and crypto-related projects. 

The patents that were filed apparently are for projects that are to be launched around its upcoming October 2023 Las Vegas Grand Prix event.

Details About the Filing

As per official documents, Formula One is looking to release a plethora of digital goods, specifically computer programs relating to headphones, clothing, wallets, and so on, as well as NFTs.

In the filing, dated August 23, 2022, it was revealed that Formula One will also be offering financial services that include e-wallets and cryptocurrency. It is yet not known what exactly will be coming of this. 

Most sports-related NFTs tend to be collectables or some sort of fan access tool but it is too early to tell. Curiously, the filing also included the brokerage of carbon credits and carbon offsets. These days, it is common for NFT projects to offset the carbon emissions they produce so as to be more eco-friendly. 

Perhaps Formula One will be incorporating this into its new projects once they are announced. Either way, all the details will be made public in due time.

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