This guide provides a detailed overview of the special NFT sweepstakes event held by OKX in partnership with McLaren Racing. It covers eligibility, entry periods, prize details, and key terms for participants.
Introduction to the Sweepstakes
OKX has launched an exclusive NFT collection to celebrate its partnership with McLaren Racing. This two-tiered NFT drop is designed to commemorate the team's 2024 racing season. The first tier features NFTs celebrating individual Grand Prix races, while the second tier offers a special season-ending commemorative NFT. Certain NFTs within these collections contain valuable prizes that winners can redeem.
Eligibility Requirements
To participate in this promotion, you must meet specific criteria:
- You must be at least 18 years old and have reached the age of majority in your country of residence.
- You must not be a resident of any restricted jurisdiction. A comprehensive list of these regions is provided in the official rules document.
- Employees of the organizing companies, their immediate family members, and household residents are not eligible to enter.
It is the participant's responsibility to ensure their eligibility based on their local laws and regulations.
Sweepstakes Timeline and Entry Periods
The promotional event runs from June 7, 2024, to December 23, 2024. It is divided into 17 distinct entry periods:
- The first 16 entry periods each correspond to a specific race on McLaren's 2024 calendar, starting with the Canadian Grand Prix.
- The final 17th entry period is a post-season event.
- Each racing event's entry period opens at 10:00 AM GMT on the Friday before the race and closes at 10:00 AM GMT on the Monday after the race.
- The final post-season entry period runs from December 13, 2024, at 10:00 AM GMT to December 23, 2024, at 10:00 AM GMT.
All timing is based on OKX's official time-keeping systems.
How to Enter and Participate
Entering the sweepstakes involves a few key steps using Web3 technology.
- Access Your Wallet: You will need an OKX Web3 wallet. If you do not have one, you can create it for free by downloading the official OKX app.
- Mint an NFT: During any active entry period, you can mint a race-specific NFT. 👉 Get detailed instructions on the minting process
- Check for Prizes: The minted NFT will initially appear as a mystery box in your wallet. It will automatically reveal its rarity and any associated prize by 00:00 GMT on the Wednesday following the race.
- Redeem Prizes: If your NFT contains a prize, you have three weeks from the close of that entry period's minting window to redeem it. This is done by selecting the NFT in your wallet dashboard, clicking 'redeem', and providing the necessary contact and shipping information.
A limit of one entry per person applies to each entry period. By entering, you agree to the official rules and the associated Web3 wallet user agreement.
Prize Selection Process
For all 17 entry periods, every eligible participant who mints an NFT is automatically entered into the prize draw for that specific period.
- The rarity of each minted NFT is randomly determined.
- All NFTs are then processed through a computer-generated program to select the winners for the available prizes in that period.
- The odds of winning depend entirely on the total number of eligible entries received for each specific entry period.
- Winners are contacted by email within 30 days of redeeming their prize to arrange fulfillment.
Overview of Available Prizes
A wide array of prizes are available throughout the sweepstakes, with their approximate retail values (ARV) listed in US Dollars and British Pounds. The total ARV of all prizes is over $74,000.
Key prizes include:
- MTC Race Watch Experience: A trip to the McLaren Technology Centre in the UK to watch a Grand Prix live on screen in the OKX theater, complete with access to live team radio updates.
- Virtual Driver Briefing: A private virtual meet-and-greet session with a McLaren Racing driver.
- Grand Prix Tickets: Includes premium hospitality packages, paddock tours, and driver meet-and-greets for select races, often with a travel allowance.
- MTC Tours: A guided tour of the iconic McLaren Technology Centre.
- Exclusive Merchandise: Signed caps, replica gear, and co-branded OKX-McLaren apparel.
- Grand Prize: For one winner, a premium experience for the 2025 racing season, including Paddock Club tickets, a hot lap experience, and significant travel and accommodation allowance.
All winners are responsible for any applicable income taxes and other costs not explicitly covered by the prize description.
Frequently Asked Questions
Who is eligible to participate in this NFT sweepstakes?
You must be at least 18 years old and not a resident of any restricted jurisdictions listed in the official rules. Residents of certain countries, including the United States, Singapore, and others, are unable to participate due to local regulations.
How do I know if I've won a prize?
Your minted NFT will reveal its rarity after the entry period closes. If it is a rare or ultra-rare NFT, it will contain a prize. You must then redeem it through your OKX Web3 wallet within the three-week redemption window to claim it.
What are the gas fees for minting?
OKX and/or its blockchain partner cover the gas fees associated with minting NFTs solely for participation in this sweepstakes. Creating an OKX Web3 wallet is free.
What happens if I don't redeem my prize in time?
Prizes must be redeemed within three weeks of the closure of the minting window for that specific entry period. Any prize not claimed within this timeframe will be automatically forfeited and cannot be retrieved.
Do I own the artwork inside the NFT?
While you own the NFT itself, you do not gain any intellectual property rights to the underlying artwork or designs, which remain the property of OKX and McLaren Racing.
Is this sweepstakes considered a financial investment?
No. Participation in this sweepstakes and the acquisition of these NFTs should not be considered an investment opportunity, financial advice, or a solicitation to buy securities. The NFTs are digital collectibles with utility for this specific promotional event.
Key Terms and Conditions
By participating, you agree to a release of liability from the organizers for any issues arising from your participation or prize receipt. This includes technical errors, network problems, or unauthorized intervention.
The sweepstakes is governed by the laws of the State of California. Any disputes are subject to binding arbitration in San Francisco, administered by JAMS, with both parties sharing the arbitration fees equally.
Digital assets are subject to market volatility and carry inherent risks. OKX does not guarantee their value and is not responsible for losses due to blockchain malfunctions, user error in providing wallet addresses, or delays in network processing.