With the recent craze of NFTs and Metaverse, many established companies have started betting on these technologies to increase interactivity with their products. One is Formula 1, which seems to still want to bet on digital assets despite problems with NFTs in the past.
According to U.Today, Patent applications indicate that Formula 1 plans to offer software for use with cryptocurrencies, digital collectibles and non-replaceable tokens in the near future, possibly to fans of the sport.
The patent shows that Formula 1 plans to trade more in the cryptocurrency market, with software that will support payments with digital assets and transactions between users.
Another patent application relates to retail services and virtual goods, indicating that Formula 1 plans to create an online marketplace for buyers and sellers, possibly of cryptocurrencies and NFTs.
In addition, Formula 1 could also be interested in providing entertainment services using virtual goods such as non-replaceable tokens in augmented reality environments.
The registries also contain cryptocurrency-related intellectual property licensing services. These aren’t F1’s only recent records at the end of August, the entity also registered trademarks related to NFTs for the next event Las Vegas Grand Prixscheduled for November 2023.
Investors have already suffered losses on Formula 1 and NFTs
Recently, the Formula 1 name has been a hit with NFTs and Metaverse enthusiasts with a game that has generated a large investment and attracted thousands of buyers, with some NFTs selling for up to $100,000.
O F1® Delta Time it was a game licensed by Formula 1, which means it was not made directly by the company, but authorized by them.
However, as shown by live coins, a while after the game was released, it just closed its doors and announced: only one day before closing time that it would cease its activities.
That’s why investors in the Formula 1 NFT game didn’t have time to react and try to sell their items to get back some invested value.
As a result, virtually everyone who invested ended up making losses and should certainly be much more skeptical about F1’s future in the world of NFTs.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
