The world’s leading auto racing sport Formula One has revealed its grand crypto ambition by filing two trademarks for the Las Vegas Grand Prix event. As per attorney Mike Kondoudis, the racing giant is planning to offer a wide array of crypto-related services like NFTs, Cryptocurrency.
These offerings also include cryptocurrency exchange services, currency trading, virtual currency services as well as carbon offsets.
Besides that Formula One is working to launch virtual goods in the form of sporting equipment, digital clothing, headphones, lanyards, souvenirs, keyrings, digital art, jewelry, sculptures, and other items.
The event which is scheduled to take place in November 2023 in the Sin city known for its gambling, flashing lights, and casinos,
Notably, this isn’t the first time Las Vegas has hosted Formula 1 as they hosted races twice in the 80s, however, the race in 2023 would be the first time that the F1 cars will be racing on the iconic Las Vegas Strip.
The track is said to be 3.8 miles long [6.12-kilometer circuit], with maximum speeds reaching a mind-boggling 212 mph and it will pass by infamous and iconic sights such as the Caesars Palace, the Venetian, and the Bellagio.
Formula One’s NFT Venture Brought Fans Accessibility To A New Level
Formula One has reportedly spent a quarter billion dollars on the Las Vegas paddock especially built for the occasion sparking debates as to whether the project is smart or not.
It is to be noted that after a two-year hiatus due to COVID, the racing behemoth made its appearance in Australia in April this year and deployed non-fungible tokens [nft] to engage fans as part of the AusGP Access program.
Customers have bought token packs which gave them the chance to win experiences and benefits, including merchandise discounts and pit lane walks.
Fans also could use tokens to bid in online auctions for Track Hot Laps, where one rides a lap around the Grand Prix Circuit. This system took fan access to a whole new level where such exclusive experiences were typically reserved for corporate sponsors or the highest tier of ticket holders.