Reuters
Formula One F1 – Japanese Grand Prix – Suzuka Circuit, Suzuka, Japan – October 9, 2022 Fans after the race REUTERS/Kim Kyung-Hoon
Reuters
Formula One F1 – Japanese Grand Prix – Suzuka Circuit, Suzuka, Japan – October 9, 2022 Fans after the race REUTERS/Kim Kyung-Hoon
If words like cryptocurrency, meta tokens, digital collectibles, crypto-collectibles, and non-fungible tokens make little sense to you, you are not alone. However, if you’re an F1 fan, you might need to research these terms. Why? Well, Liberty Media is taking an interest and making investments in this space.
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In today’s day and age, there is an alternate universe that only exists digitally (virtual reality, if you will). The universe called the metaverse is a highly interactive digital marketplace.
However, As things stand, the metaverse is still ambiguous and everyone has a different take on the concept. Some have their apprehensions about it, with things unclear about its importance. However, some see it as the only way forward and expect limitless opportunities.
The owners of the Formula 1 group, Liberty Media, are part of the latter group. Liberty Media, as of October 5th, filed for eight trademarks according to reports. The company is investing in the future of the sport and has filed for some interesting trademarks.
The list of trademarks include:
– Cryptocurrency + NFTs
– NFT + Crypto marketplaces
– Retail stores for virtual goods
– Blockchain financial transactions
– Cryptocurrency trading + mining, among other things
Read More: Disputed 2023 Calendar Sparks Drama Between $15 Million Worth Liberty Media & FIA
This news does not come as a surprise, with NFTs in trend. However, the news is definitely angering some fans, who are showcasing their feelings on Twitter.
Fans react to F1 owners Liberty Media filing for Metaverse-related trademarks
Amid all the ongoing drama in the paddock, the fans have united as they are contentious over F1’s involvement with the NFT and crypto market. Fans believe the ownership group is stepping away from the core sport by engaging in the NFT market.
What the actual fuck F1, have you done any research on NFT's???
— Pril Deterjan 🇹🇷 (@PrilDeterjan) October 11, 2022
Finally F1 makes a decision that will unite the fractured fanbase. Everyone hates NFTs.
— Mart Jonsson (@oxyuris) October 11, 2022
Was a matter of time. Can't wait to see what comes next. 👏👏
— EasyMcDZ (@easymcdz) October 11, 2022
Mercedes already stepped into the NFT market with their limited edition launch in collaboration with various artists for the 2022 season. It was about time F1’s American owners followed suit.
Common F1 L sadly
— CurtbroGYT (@CurtbroG) October 11, 2022
Pls no, NTF ? Metaverse ? F1 is really dying
— AffaireKetchup (@AffaireKetchup7) October 11, 2022
Can’t wait for $1,500 tickets to the Metaverse GP
— Jacob (@jacobswartz3) October 11, 2022
Fans are unanimously questioning and opposing F1’s involvement in the Metaverse. Some fans also fear this will involvement will result in reliance on cryptocurrency in the future of F1.
— Essie2809 (@essie2809) October 11, 2022
WATCH THIS STORY: F1 Drivers Trying Their Hand at Different Sports
What the hell are they thinking? 💀
— 𝕯𝖗𝖔𝖕 🇵🇹 (@drop_pt) October 11, 2022
This could also mean inflation on already exorbitant ticket prices, with races riddled with Metaverse-related interactions.
Written by
Edited by
Ranvijay Singh