This FAQ guide covers everything you need to know about the OKX and McLaren Formula 1® Race Rewind digital collectibles program for the 2024 season.
What Are Digital Collectibles?
Digital collectibles are unique digital tokens. Each one is distinct and cannot be replaced by another identical item because they all possess unique metadata. These tokens, often built on blockchain technology, provide verifiable proof of ownership and authenticity for a specific digital asset.
Race Rewind Digital Collectibles Availability
The Race Rewind digital collectibles are released for each Grand Prix race weekend.
- They are available to claim from Friday at 10:00 GMT until Monday at 10:00 GMT during each race weekend.
- This schedule applies to all races, including the Las Vegas Grand Prix, which has a different event program.
- If you miss the claim window for a specific race, you can purchase the collectible later on the secondary market.
Benefits of Claiming Race Rewind Digital Collectibles
The Race Rewind collection features 24 unique digital collectibles, one for each Formula 1® race in 2024. Collectibles are distributed across three rarity tiers: Classic, Rare, and Ultra Rare.
- Rare and Ultra Rare Collectibles: These tiers grant owners exciting prizes, including physical goods and unique experiences, in addition to the ownership of the digital asset itself.
- Season-Finale Collectible: At the end of the 2024 season, a final, exclusive collectible will be launched. To be eligible for this final drop, you must possess at least one collectible (of any rarity) from every single race. This finale will feature its own set of Rare and Ultra Rare collectibles with special prizes.
- Classic Collectibles: While a Classic-tier collectible does not have an immediate prize associated with it, it remains an authentic piece of McLaren memorabilia. Most importantly, minting a Classic collectible for a race still counts toward the complete collection required for the season-finale reward.
- To complete your set, you can acquire any missing collectibles on the secondary market.
Understanding Utility and Prizes
In the context of Web3 and digital collectibles, "utility" refers to the additional benefits, access, products, services, or prizes granted to users who own a specific asset.
- Within the Race Rewind collection, the utility comes in the form of redeemable prizes.
- Only Rare and Ultra Rare collectibles have associated utilities, which can include the ability to claim exclusive McLaren caps, signed merchandise, and real-world experiences.
How to Set Up a Wallet
To claim a Race Rewind digital collectible, you will need a Web3 wallet. This is a digital tool that allows you to store, manage, and interact with your digital assets on the blockchain.
The process is straightforward and designed for users of all experience levels. 👉 Explore a simple guide to get started with your digital wallet.
How to Redeem Your Digital Collectible's Utility
Redeeming your prize is a simple process managed through your user dashboard.
- View your collected assets in your dashboard on the McLaren page on OKX.
- To redeem your utilities, click the "Redeem" button and complete the pop-up form that appears. You can redeem one or multiple utilities at the same time.
- Once you redeem a Rare or Ultra Rare collectible, it will be replaced in your collection with a new version marked "Utility Claimed." You can still trade this new version, but the prize can no longer be redeemed.
- Physical prizes are shipped via DHL, and you will receive shipping updates via SMS. If you win an experience, our team will contact you directly via email to arrange the details.
Identifying Your Collectible's Rarity
You can easily identify the rarity tier of your digital collectible by checking its rarity icon. Each collectible will be clearly marked as Classic, Rare, or Ultra Rare.
Storing and Accessing Your Digital Collection
Your Race Rewind digital collectibles are stored securely on the blockchain.
- To claim them, you must create a Web3 wallet or connect a compatible existing wallet.
- A non-custodial wallet means that neither the platform nor any other network participant has control over your wallet or the assets within it. As the owner, you assume full custody and responsibility for your crypto assets.
- All assets are stored on-chain, and the owner can access them at any time using their private keys. 👉 Learn more about secure digital asset storage.
When to Redeem Your Digital Collectible Utility
It is crucial to be aware of the redemption deadlines for your prizes.
- Utilities must be redeemed within three weeks after the minting window for that specific race closes.
- Utilities cannot be redeemed after this time.
- Once the redemption period ends, or once a utility has been successfully redeemed, the Rare or Ultra Rare collectibles are marked with a stamp to indicate the utility is no longer available. This prevents multiple redemptions for a single collectible and ensures transparency when trading assets whose prizes have already been claimed.
If You Cannot Use or Don't Want to Redeem a Prize
You have flexibility with what you choose to do with your collectibles.
- You can sell any Race Rewind digital collectible on the marketplace. You can list it for free or choose to set a custom commission fee.
- Remember, the utilities themselves must be claimed within the 3-week window after the minting period closes.
- After the redemption window is closed, you can still trade your Rare and Ultra Rare collectibles, but you will no longer be able to redeem their utility.
How to Trade or Sell Your Digital Collectible
The secondary marketplace provides a platform for collectors to buy and sell assets. You can list your collectibles for sale, set your desired price, and connect with other fans and collectors.
If You Missed a Digital Collectible Drop
The Race Rewind program releases collectibles for every race weekend. If you miss the claim period, you have another option.
- You can purchase your missing collectible for any race on the secondary marketplace.
- Remember, you must have a complete collection of 24 collectibles (one from every race, of any rarity) to be eligible for the grand season-finale prize.
Why Is the Quantity of Digital Collectibles Limited?
OKX and McLaren reserve the right to pause or close the minting window early in exceptional circumstances. A primary example would be if network gas fees exceed a predetermined cost threshold, ensuring a fair and accessible minting process for all fans.
What Is X Layer?
The McLaren digital collectibles are developed on X Layer, a network designed to optimize for speed and low transaction costs (gas fees).
Key reasons McLaren chose X Layer for this campaign include:
- Speed: Enables fast on-chain transactions.
- Accessibility: Low transaction fees allow fans from all over the world to participate on-chain.
- Innovation: Built with advanced ZK technology that enhances security and privacy.
X Layer is integrated with the OKX exchange and wallet, connecting McLaren fans with a vast ecosystem of over 50 million creators and builders. Holders of McLaren NFTs on X Layer gain access to a gateway into the wider Web3 world, including a growing ecosystem of decentralized applications (dapps) across infrastructure, DeFi, and more.
Claimed the Canada GP Collectible? Why Did I Receive Eight Others?
All fans who claimed the Canada Grand Prix collectible received the Classic-tier collectibles from the first eight races of the 2024 F1 season as a gift. This was a bonus for participating in the Race Rewind program and a head start on building a complete collection.
Frequently Asked Questions
Q: Do I need prior crypto experience to participate?
A: No, the program is designed for both crypto newcomers and veterans. The process for claiming and storing collectibles is simplified with step-by-step guides available.
Q: Can I transfer my collectibles to a different wallet?
A: Yes, since they are true digital assets on the blockchain, you can transfer them to any compatible Web3 wallet that you control.
Q: What happens if I lose access to my wallet?
A: Because the wallet is non-custodial, you are solely responsible for your private keys or seed phrase. It is critical to back up this information securely, as losing it may result in permanent loss of access to your assets.
Q: Are there any fees for claiming the collectibles?
A: While the collectible itself is free to claim, a small network gas fee is required to process the on-chain transaction. X Layer is chosen specifically to keep these fees very low.
Q: How do I know if I have won a prize?
A: Prizes are tied to the rarity of the collectible you mint. If you receive a Rare or Ultra Rare collectible, you will see the option to redeem its utility directly in your dashboard.
Q: Is there a limit to how many collectibles I can claim per race?
A: Typically, these promotions are limited to one collectible per user per race to ensure fair distribution among the fanbase.