The first Las Vegas Grand Prix will be a street race in the middle of Las Vegas on a track that is 3.8 miles long. Speeds are expected to reach 212 miles per hour.

Formula 1 (F1), a racing company, filed two trademarks related to non-fungible tokens (NFTs), cryptocurrencies, and the blockchain last week. This was done in preparation for the Las Vegas Grand Prix, which will take place in November 2023. According to a tweet by trademark attorney Mike Kondoudis, Esq., Formula 1’s plans for the event include “NFTs, cryptocurrency, insurance and financial services, virtual clothing, sports gear, currency trading, and virtual currency services,” among other things. NFTs will be available in the form of virtual goods like sports and car gear, home decor, clothing, accessories, keychains, digital art, and more.

“Virtual currency services, electronic funds transfer through blockchain technology, financial transactions through blockchain, cryptocurrency services, provision of tokens, provision of non-fungible tokens, brokerage of carbon credits, and brokerage of carbon offsets” are some of the financial services that are expected to be offered.

The first Las Vegas Grand Prix will be a street race in the middle of Las Vegas on a track that is 3.8 miles long. Speeds are expected to reach 212 miles per hour.

Sports NFTs and Cryptocurrency

The world of sports is starting to use NFTs and blockchain technology in general. Ticketing systems, fan tokens, and digital trading cards are all ways that it can be used. There have also been deals between crypto companies and sports teams to sponsor them. Crypto.com, a cryptocurrency exchange, recently signed a kit sponsorship deal with UFC. It is a $175 million deal that lasts for ten years. The deal includes clothes for the training staff as well as fight kits, walk-up jerseys, and hoodies for the athletes. The Formula 1 Miami Grand Prix’s official title partner is also Crypto.com.

Formula One, the Aston Martin Formula One team, the Montreal Canadians of the National Hockey League, and the Serie A football league are some of the other sports teams and leagues that the crypto company sponsors.

Last year, F1 team McLaren announced a strategic technology partnership with Tezos. This was before the team made plans for NFT. As part of the deal, the top McLaren racers would wear race suits with the Tezos logo on them. Both of them were also interested in making an NFT platform for fans. Through its deal with Major League Baseball, the crypto company FTX also became a sports sponsor.

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