The collaboration between OKX and McLaren Racing brings the thrilling world of Formula 1® into the digital realm with exclusive Race Rewind digital collectibles. These unique tokens allow fans to own a piece of the 2024 F1® season, with opportunities to redeem physical merchandise and unique experiences. Here’s everything you need to know.
What Are Digital Collectibles?
Digital collectibles, often referred to as NFTs (Non-Fungible Tokens), are unique digital tokens. Each one is distinct and cannot be replicated or replaced, as they contain unique metadata that verifies their authenticity and ownership. They represent a new way to collect, trade, and experience value in the digital space.
Race Rewind Collection Release Schedule
Race Rewind digital collectibles are released for every Grand Prix weekend during the 2024 Formula 1® season.
- They become available every race weekend from Friday at 10:00 GMT until Monday at 10:00 GMT.
- This schedule applies to all races, including the Las Vegas Grand Prix.
- If you miss the initial redemption window, you can still acquire collectibles on the OKX secondary marketplace.
Benefits of Redeeming Race Rewind Collectibles
The Race Rewind collection includes 24 digital collectibles—one for each Grand Prix.
- There are three rarity tiers: Classic, Rare, and Ultra Rare.
- Classic collectibles are authentic McLaren memorabilia with no attached rewards.
- Rare and Ultra Rare collectibles come with utilities such as exclusive McLaren merchandise, signed products, and real-world experiences.
- At the end of the season, a final collectible will be released. To redeem it, you must own at least one collectible from each race (any rarity).
- Special rare and ultra rare end-of-season collectibles will also feature unique rewards.
👉 Explore the full collection and benefits here
Understanding Utility and Rewards
Utility in Web3 refers to the additional benefits—like products, services, or exclusive access—that come with owning certain digital assets.
- In the Race Rewind collection, Rare and Ultra Rare NFTs include redeemable utilities.
- These can range from physical caps and signed merchandise to once-in-a-lifetime experiences with the McLaren team.
How to Set Up a Crypto Wallet
To participate, you need a Web3-compatible cryptocurrency wallet.
- The OKX Wallet is a non-custodial, multi-chain wallet that allows you to securely store and manage digital assets.
- Non-custodial means you have full control over your assets—OKX does not hold or manage your private keys.
- You can access OKX Wallet as a browser extension or mobile app.
How to Redeem Your Digital Collectible Utility
Once you own a Rare or Ultra Rare collectible, you can redeem its utility:
- Log in to your OKX McLaren dashboard to view your collectibles.
- Click “Redeem” and complete the submission form.
- You can redeem one or multiple utilities at a time.
- After redemption, the collectible will be marked as “Utility Redeemed” and can still be traded, but the reward is no longer available.
- Physical rewards are shipped via DHL, and winners of experiences will be contacted via email.
How to Check Collectible Rarity
Each digital collectible displays a rarity icon indicating whether it is Classic, Rare, or Ultra Rare. This helps you quickly identify the potential rewards associated with your NFT.
Where Are My Collectibles Stored?
Your Race Rewind digital collectibles are stored on the blockchain.
- You can view and manage them using your OKX Wallet or any compatible Web3 wallet.
- Since the wallet is non-custodial, you retain full ownership and control.
- All assets are stored on-chain and accessible anytime.
Utility Redemption Time Limit
You must redeem utilities within three weeks after the collectible’s creation window closes.
- After this period, the utility expires and can no longer be claimed.
- Redeemed collectibles are stamped to indicate that the utility has been used.
- This prevents double-redemption and ensures fair trading.
What If I Don’t Want to Redeem a Reward?
If you choose not to redeem a utility, you can still sell or trade the collectible on the OKX marketplace.
- Utilities must be redeemed within the three-week window.
- After that, the NFT remains tradable, but the attached utility expires.
How to Trade or Sell Digital Collectibles
You can list your Race Rewind collectibles for sale on the OKX NFT marketplace. Listing is free, and you can set your preferred commission rate.
👉 Learn how to sell NFTs step-by-step
What If I Miss a Drop?
If you miss a collectible release during a race weekend, you can still purchase it later on the secondary market.
- To qualify for the end-of-season collectible, you must own at least one NFT from all 24 races.
Why Are There Limitations on Collectibles?
OKX and McLaren reserve the right to modify or end the redemption window early in exceptional circumstances, such as unusually high blockchain gas fees.
What Is X Layer?
X Layer is OKX’s innovative Layer-2 blockchain designed for speed, affordability, and security.
- McLaren digital collectibles are minted on X Layer.
- It uses advanced ZK-SNARK technology to ensure low transaction costs and fast processing.
- X Layer is integrated with OKX Exchange and OKX Wallet, providing access to a growing ecosystem of dApps and Web3 services.
Key advantages of X Layer:
- Speed: Fast on-chain transactions.
- Affordability: Low gas fees enable global fan participation.
- Innovation: Enhanced security and privacy through zero-knowledge proofs.
Canadian GP Bonus Collectibles
Fans who redeemed the Canadian Grand Prix collectible received an extra gift: Classic-tier collectibles from the first eight races of the 2024 season. This was a special reward for early participation in the Race Rewind program.
Frequently Asked Questions
What is the difference between Classic, Rare, and Ultra Rare collectibles?
Classic collectibles are standard editions with no rewards. Rare and Ultra Rare collectibles include utilities such as physical merchandise or experiences. Ultra Rare items typically offer higher-value rewards.
Can I transfer my collectibles to another wallet?
Yes. Since the NFTs are stored on the blockchain, you can transfer them to any compatible Web3 wallet. Remember that utilities must be redeemed through the OKX platform before the deadline.
What happens if I don’t redeem a utility on time?
After the three-week redemption window closes, the utility expires. You can still trade the NFT, but the reward will no longer be available.
Are there any geographic restrictions for receiving physical rewards?
Physical rewards are shipped globally via DHL. However, certain experience-based rewards may have location-specific requirements. Winners will be notified via email with full details.
How do I know if I’ve qualified for the end-of-season collectible?
You must own at least one collectible from each of the 24 races. Your OKX dashboard will show your progress and eligibility.
Is the OKX Wallet safe to use?
Yes. OKX Wallet is non-custodial, meaning you own your private keys. It also supports multiple security features, including biometric authentication and two-factor authentication (2FA).