The McLaren Racing Collective drops the Gulf X McLaren Formula 1 NFT set for fans to collect and build the latest Formula 1 car with NFTs.
McLaren is one of the major Formula 1 teams and the 2nd most successful F1 team of all time, behind Ferrari.
The car first entered Formula 1 in the 1966 Monaco Grand Prix. With 183 race victories, famous McLaren F1 drives have included Lewis Hamilton, who gave McLaren their first Drivers’ championship in 2008. Prior to 2008, the team last won the Drivers’ championship back in 1999.
In 1998 and 1999, Mika Hakinnen took two consecutive championships. Before that, it was the late Ayrton Senna, Alain Prost, and the late Niki Lauda who dominated the sport with McLaren.
Team accolades include 12 Drivers’ championships and 8 Constructors’ championships. Daniel Ricardo and Lando Norris are currently the team drivers.
McLaren’s 2021 NFT Drop
In 2021, the “McLaren Racing Collective” delivered fans a mouthwatering proposition. Collect 22 digital 3-D images to build an MCL35M F1 car.
One avid McLaren fan managed to procure all 22 digital components to build a 3D 35M F1 McLaren collectible. The McLaren Racing Collective platform is built on the Tezos (XTZ) blockchain.
McLaren and Sweet Unite for the 2022 NFT Drop
This week, the McLaren Racing Collective dropped a new NFT. McLaren fans can now procure new digital components to build a McLaren F1 car. Unlike the last NFT drop, however, fans can trade parts on a user-to-user NFT marketplace.
McLaren is using the Sweet NFT marketplace to allow users to trade digital car components. Previously, users needed to have an understanding of how to open an account, fund, and transact within the NFT marketplace. On the Sweet marketplace, users are guided through the entire process.
Fans are able to trade with other collectors and auction unwanted parts or even sell completed digital 35M F1 cars. Sweet worked with McLaren to come up with the user-to-user NFT marketplace to support the latest NFT drop.
One key advantage of the NFT drop on Sweet is that the market decides the value of each individual digital component. As with traditional auction sites, users can also set minimum bids and set a time limit for bids.
All in all, for the less savvy NFT buyer and seller, Sweet levels the playing field, delivering McLaren F1 to fans around the world.
Formula 1 and Price Tags
While fans don’t need to be NFT savvy, some car knowledge would increase the chances of building the McLaren F1 car. Fortunately, fans don’t need to put together engines, just the F1 body.
According to www.formula1.com, Lewis Hamilton’s 2010 McLaren was amongst the 5 most expensive ever sold. Hamilton’s car was sold for £4.84m, circa $6.53m based on current exchange rates. The most expensive Formula 1 car ever sold was the 1954 Mercedes W196R, which fetched a whopping £19.6m ($29.65m) back in 2013.
While McLaren may not have won a Divers’ championship in some time, the team is etched in F1 history. It will be the team’s history that will make the latest NFT drop another success for F1 and for sport.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.