FREE Blockchain Developer Token Standards and NFTs Questions and Answers

Question 1

A blockchain game developer needs to create multiple types of in-game assets.
Some assets, like health potions, are fungible and stackable.
Other assets, like a unique legendary sword, are non-fungible.
To optimize transaction costs and contract management, which token standard should the developer use?

Accepted Answer

ERC-1155, which allows for the creation of fungible, non-fungible, and semi-fungible tokens within a single smart contract.

Answer

ERC-721, by deploying a separate contract for each asset type.

Answer

ERC-20 for the potions and ERC-721 for the sword, managed by a central registry contract.

Answer

A custom-built standard that combines features from both ERC-20 and ERC-721.

Question 2

What is the primary characteristic that defines a token as 'non-fungible'?

Accepted Answer

It possesses a unique identifier (Token ID) and associated metadata that distinguish it from all other tokens.

Answer

It is divisible to many decimal places.

Answer

It has a fixed total supply that cannot be changed.

Answer

It is backed by a real-world physical asset.

Question 3

A developer is creating an NFT collection where the visual art and attributes for each token are stored off-chain to save on gas costs. Which is the most common and decentralized method for linking the on-chain token to its off-chain metadata?

Accepted Answer

Storing the metadata on a decentralized storage network like IPFS and linking to its Content Identifier (CID) in the token's URI.

Answer

Storing the metadata as a JSON file on a centralized company server and linking to it via a standard HTTPS URL.

Answer

Embedding all metadata directly into the transaction's input data field during the minting process.

Answer

Encrypting the metadata and storing it in a separate smart contract on a private sidechain.

Question 4

Which of the following functions is a mandatory part of the ERC-20 standard and is critical for enabling smart contracts (like decentralized exchanges) to transfer tokens on a user's behalf?

Accepted Answer

approve

Answer

safeTransferFrom

Answer

mint

Answer

tokenURI

Question 5

A developer is using the standard ERC-721 token for an NFT project but finds it difficult to get a simple list of all tokens owned by a specific address directly from the smart contract. Which optional EIP-721 extension should be implemented to solve this problem efficiently?

Accepted Answer

ERC721Enumerable

Answer

ERC721URIStorage

Answer

ERC721Pausable

Answer

ERC721Burnable

Question 6

A project is issuing concert tickets as tokens on the blockchain. Before the event, any ticket for a specific seating section is interchangeable with another. However, after the event, each ticket becomes a unique, non-fungible collectible. Which token standard best represents this 'fungible-then-non-fungible' lifecycle?

Accepted Answer

ERC-1155, which is designed to support semi-fungible tokens.

Answer

ERC-20, using a centralized database to track post-event ownership.

Answer

ERC-721, by burning the old tokens and minting new, unique ones after the event.

Answer

A custom token standard requiring two separate smart contracts.