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OKX x McLaren: Digital Collectibles FAQs

Published on Jun 5, 2024Updated on Sep 1, 20246 min read

  1. What are digital collectibles?

    Digital collectibles are unique digital tokens. Each one is distinct and cannot be replaced by a similar one as they all have unique metadata.

  2. When will the Race Rewind Digital Collectibles be available?

    • Digital collectibles will be released for each race. These will always be available between 10am GMT on Fridays until 10am GMT on Mondays during every race weekend.

    • Las Vegas will have the same drop timings as all other drops despite having a different racing schedule.

    • If you do not claim a digital collectible in this window, you can purchase it on our secondary marketplace instead.

  3. What are the benefits of claiming Race Rewind digital collectibles?

    • The Race Rewind collection offers 24 digital collectibles, one for each Formula 1® race in 2024. Collectibles come in three types: Classic, Rare, and Ultra-Rare. Rare or Ultra-Rare collectibles grant prizes like merchandise and experiences, alongside the digital collectible ownership.

    • At the 2024 season's end, one last collectible will be released. To claim it, you need a collectible of any rarity from each race. This drop will feature Rare and Ultra-Rare digital collectibles with special prizes.

    • A Classic collectible does not have an associated reward, but is still a piece of authentic McLaren memorabilia. If you mint a Classic collectible you could still win a prize by collecting one collectible from each race of the season.

    • If you are missing a collectible for a race you can purchase it on the secondary marketplace.

  4. What is a utility/(reward)?

    • Some digital collectibles have rewards, also known as utilities. Utility is a Web 3 term for access to products, services, prizes, and platforms given to users who hold a certain collectible.

    • In the Race Rewind collection, Rare and Ultra-Rare collectibles have utilities like the ability to claim McLaren caps, signed merchandise, and physical experiences.

  5. How do I set up a wallet?

    A step by step guide on opening a wallet can be found here.

  6. How can I redeem the utility associated with my digital collectible?

    • You can view your digital collectibles on your dashboard within the OKX McLaren microsite. To redeem your utilities click redeem and complete the pop-up form. You can redeem one or multiple utilities simultaneously.

    • Once you redeem a Rare or Ultra-Rare collectible, your collectible will be replaced with one which says ‘utility claimed’. This NFT is tradable, but the utility will no longer be redeemable.

    • Physical prizes will be shipped via DHL, you will receive shipping updates via text. If you win an experience you will be contacted via email (nftwinners@okx.com).

  7. How do I know what rarity my digital collectible is?

    You can identify the rarity of your digital collectible by checking their rarity icon which will state Classic, Rare, or Ultra-Rare.

  8. Where will my digital collectible be stored and how can I access my collection?

    • To claim a Race Rewind digital collectible you will need to create a Web3 wallet on our platform or link a compatible Web3 wallet.

    • The OKX Wallet is a noncustodial, multichain digital asset storage and management tool that is available as either a browser extension or mobile/web app.

    • Noncustodial means that we nor any other network participants have control over your wallet or the assets stored in it. As the owner of your Web3 Wallet, you take full custody of the crypto assets held within the wallet. All assets in the wallet are stored on-chain and the owner can access it at any time. For more information on opening an OKX wallet, click here.

  9. When do I have to redeem my digital collectible utility?

    • Utilities must be redeemed within three weeks of the minting window closing. Utilities cannot be redeemed after this time.

    • Once the redemption window ends, or once a utility is redeemed, Rare or Ultra-Rare collectibles will be marked with a stamp to say the utility is no longer available. This is to prevent users redeeming multiple prizes for a collectible, or trading Rare or Ultra-Rare collectibles that no longer have a utility associated with them.

  10. What if I cannot use my prize, or I don't want to redeem it?

    • You can sell any Race Rewind digital collectible on our marketplace for free or for a fee of your choosing.

    • Utilities must be claimed within 3 weeks of the minting window closing.

    • After the redemption window has closed you will still be able to trade your Rare and Ultra-Rare collectibles, but it will no longer be possible to redeem their utility.

  11. How do I trade or sell my digital collectible?

    A full guide to selling your NFT on our NFT marketplace can be found here.

  12. What happens if I miss the digital collectible drop?

    • The Race Rewind program will release digital collectibles each race weekend between 10am GMT Friday - 10am GMT Monday. If you do not claim one during this period, you can purchase your missing collectible on the OKX marketplace.

    • You must have a full collection of 24 collectibles (one per race of any rarity) to be in with a chance of winning the end of season grand prize.

  13. Why is the digital collectible drop limited?

    OKX and McLaren reserve the right to pause or close the minting window early in exceptional circumstances, such as when gas fees exceed a cost threshold.

  14. What is X Layer?

    • McLaren digital collectibles will be built on X Layer which uses innovative technologies to optimize for fast speed and low costs (gas fees) for the fans.

    • Three reasons McLaren is using X Layer include:

      • Speed: Fast on-chain transactions

      • Affordability: Empowers fans all over the world to participate on-chain with its low transaction fees

      • Innovation: Built with security and privacy enhancing ZK-SNARK technology.

      • Further information on why McLaren chose X Layer for the digital collectibles campaign:

        • X Layer offers an affordable and faster on-chain experience for McLaren fan base. X Layer uses improved zk-SNARK for more compact and cost-effective transactions, and dramatically reduces transaction fees, making it affordable for users to engage with their digital assets.

        • X Layer is Integrated with both OKX exchange and OKX Wallet. With McLaren NFT on X Layer, McLaren fans will be able to connect with over 50 million active crypto-native builders and creators on the X Layer and OKX platform, and have access to the gateway of web3 world.

        • X Layer is an ecosystem with solid infrastructure and strong interest in many Dapps. Within 1 month of launch, more than 114+ Dapps have deployed on X Layer, and another 100+ are in deployment. McLaren NFT holders will have direct access to diverse decentralized Web3 applications. Flagship projects built on X Layer:

        • Infrastructure: Chainlink, Particle Network, Api3, The Graph, Safe

        • DeFi: Renzo, EtherFi, Curve, Frax, Zerolend

  15. I claimed the Canadian GP collectible, why have I received an additional eight collectibles from other races?

    All fans who claimed the Canadian GP collectible were given the Classic rarity tier collectibles from the first eight races of the 2024 Formula 1 season as a gift for participating in the Race Rewind programme.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.

© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.

What are digital collectibles?
When will the Race Rewind Digital Collectibles be available?
What are the benefits of claiming Race Rewind digital collectibles?
What is a utility/(reward)?
How do I set up a wallet?
How can I redeem the utility associated with my digital collectible?
How do I know what rarity my digital collectible is?
Where will my digital collectible be stored and how can I access my collection?
When do I have to redeem my digital collectible utility?
What if I cannot use my prize, or I don't want to redeem it?
How do I trade or sell my digital collectible?
What happens if I miss the digital collectible drop?
Why is the digital collectible drop limited?
What is X Layer?
I claimed the Canadian GP collectible, why have I received an additional eight collectibles from other races?