In October 2022, Formula 1, the popular car racing sport, officially registered eight crypto- and NFT-related trademarks in the United States. The registration is a pretty good tipoff of its intent to integrate Web3 services into its overall operations to increase utility for its brand and consumers.
The story in detail
Formula 1 filed for eight trademarks on Oct. 5 covering vital aspects of blockchain usability such as NFT, cryptocurrency, marketplace, meta-tokens, and digital collectibles. Additionally, Formula 1 aims to facilitate crypto payments and blockchain transactions with its own digital token, among other things.
Mike Kondoudis, a U.S. trademark attorney, revealed in his tweet that the trademark covered NFTs, marketplace, retail stores, crypto trading, mining, and transactions. As part of the proposed trademark, Formula 1 would be able to create virtual goods to offer entertainment services to fans. At the same time, users would also be able to access digital artworks and digital collectibles, among other things. All virtual goods would be accessible through virtual, mixed and augmented reality.
Lessons for brands
Formula 1’s venture into Web3 is a timely example of how big brands could leverage the space to connect with their users in a new way. Through an NFT offering, brands can create buzz and connect with new users. At the same time, they can stay in tune with the latest technological trends.
Though the application doesn’t expressly state this, it can be assumed that some notable moments in F1 might be offered to fans as an NFT. The idea is for Formula 1 to share a portion of its history fans as a means of forging a deeper bond — similar to how the NBA worked with NBA Top Shot to create new experiences for fans. Digital merchandise, in the form of collectibles and virtual goods, could also be a way to build connections with enthusiasts.
Formula 1 could then introduce value-added functions for collectors through perks that take the form of tours or access to certain exclusive events.
Conclusion
Formula 1 is a good example of the diverse dimensions through which brands can tap into the potentials of Web3 and NFTs in this rapidly changing market where customer tastes evolve and user behavior is influenced by technology.
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