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Looks like the marketplace is open for 48 hours exclusively to people on the phase 1 allow list. If discord is anything to go by, a lot of people want it. Amazing the FAQ didn't include the "48 hours exclusivity" - I was trying to figure out if it was going to be a frantic rush, or if we had some exclusive time - and only got the confirmation in their 6AM email saying it's open with a 48 hour window.
 

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what happens after the 48 hours? can you purchase more? how did you get the specific nft/picture?
No it‘ll be 2012 in total. The first 48 hours is only for people that got an invitation. Like VIPs, Mclaren owners etc… after 48 hours phase 2 starts where other people can get invitations and they give away codes in raffles. After that they will release anything thats left to everyone to buy. If any NFTs are left at all. You can’t get anything specific. You buy into a lottery. Like a pack of trading cards that you open.
 

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No it‘ll be 2012 in total. The first 48 hours is only for people that got an invitation. Like VIPs, Mclaren owners etc… after 48 hours phase 2 starts where other people can get invitations and they give away codes in raffles. After that they will release anything thats left to everyone to buy. If any NFTs are left at all. You can’t get anything specific. You buy into a lottery. Like a pack of trading cards that you open.
yup I got to purchase mine but it’s only limited that’s why I wanted to know if anybody got to purchase more.
 

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An NFT is basically just a way to make sure that a piece of, usually artwork, is unique. In this case they are selling a limited edition (only 2012 will be "minted") as a homage to the McLaren P1 (which was launched in the year 2012). Essentially you get one of 2012 unique images/artwork designed by MSO. You can then keep it, or resell it. Its resale value will be whatever something deems it is - but as it's a limited edition from a well known manufacturer, then hopefully it's value will go up. The blockchain ensures cryptographic authenticity so that the 2012 that are made are unique in the digital universe - since it's non-fungible, it cannot be duplicated, split, or changed in any way - like a unique serial number.

The cost of the token will be 0.5ETH for those with invite codes (if you get the email as an owner, you must immediately sign up to get a digital invite code and be added to the "allowlist"). 0.5ETH is equivalent, right now, to about $1300. On top of this will be the "gas" fees charged by the network (note that while it's called gas, and McLaren is a car company, there is absolutely no relation - it's called a gas fee by the network and has nothing to do with cars).

The gas price is a calculated, ever changing, fee. The fee is based on congestion of the network, etc, so busier times tax the network, and cause that fee to go up. However, it appears that you'll be able to purchase your NFT from McLaren, then choose when it's minted (stored on the blockchain). I saw it as low as 18 gwei this evening, but during busy times can jump up to some crazy numbers. The past week has averaged about 50-60 gwei. The term "gwei" is a unit of gas, and each transaction needs a certain amount of gas on Etherium. A standard money transfer is usually 21,000 units, so on average would be about $2.73 (50gwei * 21000 units * 0.000000001ETH * $2600) - the ETH amount is the standard cost of 1 gwei, and the $2600 is approx the price of 1 ETH).

That being said, the amount of "gas" needed to "mint" an NFT is much more than 21,000 units. So it could be as low as, say, $70, or as high as >$500. That's why it's prudent to choose your time of minting for when the cost of gwei is at its lowest (Ethereum Gas Tracker | Etherscan for the real time price).

Anyway, you'll need to go to nft.mclaren.com when the sale starts (6PM PST / 2PM BST on the 11th) with your invite code to purchase it (using credit card, Etherium, etc), then you can mint it on the block chain (i.e. turn it in to an NFT) at your leisure. You'll need an account at MetaMask.io to create your digital wallet for the latter part.

As for how useful it is, there are a few main things I believe:

1) It's a non-fungible token that is limited - and thus can be sold later at a profit like a lot of McLaren things. It's important to note that the Creator is McLaren themselves. Once you buy it you will be a Collector, and can sell it to others on the secondary market (like OpenSea).

2) While you own it, it is securely and verifiably yours - and thus they can give us exclusive access to things they are doing (events, products, etc).

3) The reason most NFT's are created at all - royalties. The original Creator of NFT's gets royalties every time the item is sold in the future on OpenSea. A 5% fee will be charged on all future sales, and another 5% as a "reseller fee" (which I believe goes to the OpenSea platform). This revenue supports McLaren. Note that ALL NFT's usually have a royalty on them - it was originally designed for artists to protect their work and get continuous revenue, just like professional music and video creators.

As for cons... well, like anything it's only worth what people will pay for it. It's just like stock. If you pay $1300 for it, and tomorrow someone wants to pay $1,000,000 for it because McLaren make ownership of the Phase 1 NFT a huge benefit, then that's what it's worth. If the project is forgotten and the NFT's are just pretty pictures, then it's worth nothing.

Anyway, hope this helps - it's a complicated world, and ultimately it might cost $2K (with fees) to own a pretty picture that's not much use, but it could be exciting, and could open up unique (and valuable) owner experiences. Many people happily pay millions for a watch, or $700,000 extra for exposed carbon on their Senna - so this is actually a bargain if you think about it. :ROFLMAO:

Thanks!

Z.
Maybe I'm old, but if anything sounds like a scam to raise revenue, this is it! I entered everything and it looks like they want $1100 for a digital picture of a P1, that may or may not be worth anything in 5 mins.
 

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It might be cool if there were some real world benefits tied to it. Like you get first dibs at McLaren F1 VIP experiences or some other exclusive stuff. A receipt saying you own an image of a P1 in a particular color scheme...eh, not for me.
 

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It might be cool if there were some real world benefits tied to it. Like you get first dibs at McLaren F1 VIP experiences or some other exclusive stuff. A receipt saying you own an image of a P1 in a particular color scheme...eh, not for me.
That‘s actually what Mclaren is doing.
All NFTs are sold out now and Mclaren just announced they will be releasing some real world benefits soon to those original holders, so called „utilities“ and IRL-perks. It is not clear at this point what this actually will be. I also just heard from a Mclaren dealer that there are talks of Mclaren giving away allocations for P1 successor over MSO Labs as well. Rumors…
 

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Seems like they should've stated the perks upfront. Hard to tell whether it's worth it if the benefits are TBD. Maybe they thought it was better to release as quickly as possible and figure out the details later, especially now that we're seeing a big slowdown in the NFT market.
 

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Seems like they should've stated the perks upfront. Hard to tell whether it's worth it if the benefits are TBD. Maybe they thought it was better to release as quickly as possible and figure out the details later, especially now that we're seeing a big slowdown in the NFT market.
Yeah, it's clear that crypto is still a long way from delivering. Ultimately, the value of a NFT is still measured in dollars, not in Eth.
 

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This sounds sad. NFTs Sweet Jesus.

Ok, let me try to make an actual useful case. So SCG lets you see how car development works in a private WhatsApp channel. Anything Jim Glickenhaus doesnt want to be shared outside the channel, he just relies on the honor system asking "please dont share this", and seems the nice folks that participate are honorable and honor that.

However, it's a small group so it works well that way.

So, McLaren wants to give early access to some sketches and inside development sneak peak info, but probably cannot trust the honor system. So what can NFT stuff also be used for? For Digital Rights Management (DRM) a kind of copy protection. So when they issue you a sneak peak, the image may be water marked in a way that even if you take a photo of it, they can tie it back to you, and shame shame. That's not a terrible use of the tech, but it seems a desperate shoehorning of a solution to a non-problem just to get a stupid NFT buzzword into the McLaren vernacular, which sounds desperate.

Then again, maybe it's something wonderful and great, and they just did a, as per usual, terrible job of marketing and explaining the value proposition.

I wish they would adopt a more inclusive community atmosphere with owners to get feedback and guidance on things important to owners. Seems there could have been 100 better ways to skin that cat, if thats what they're trying for, i.e., improved customer engagement.

Then again, I hope I'm completely wrong on this take, and whatever the hell this buzzword-business-babble-soup release describes knocks it out of the park for them.
this is incredibly dumb. There are a long list of better ways to do something like that. and a very long list of tech problems I’d prefer McLaren work on. They’re far behind Porsche in tech and online servicing. Which is pretty sad given how far behind Porsche is Tesla.
 
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