Art NFT Fundamentals and Concepts Flashcards

What does the term 'minting' mean in the context of NFT art?

Answer: The process of creating and publishing an NFT on a blockchain

Minting refers to the process of publishing a digital artwork as an NFT on a blockchain, making it an official, verifiable token.

Which blockchain is most widely used for art NFTs due to its smart contract capabilities?

Answer: Ethereum

Ethereum is the dominant blockchain for art NFTs because it supports smart contracts and has the largest NFT ecosystem.

What is a 'gas fee' in NFT transactions?

Answer: A transaction fee paid to network validators for processing blockchain operations

Gas fees are payments made to blockchain validators (miners or stakers) who process and confirm transactions on the network.

What is 'generative art' in the NFT space?

Answer: Artwork produced algorithmically using code and randomized parameters

Generative art uses algorithms and randomized parameters to programmatically create unique artworks, often producing thousands of variations.

What does 'floor price' mean in NFT art markets?

Answer: The minimum asking price for any NFT within a collection

Floor price is the lowest listing price available in a collection at any given time, representing the cheapest entry point for buyers.

Which file format is most commonly used for static art NFTs?

Answer: PNG or JPEG

PNG and JPEG are the most common formats for static art NFTs because they provide high-quality images with manageable file sizes.

What is an NFT 'airdrop' in the art world?

Answer: Free distribution of NFTs to existing holders or community members

An airdrop is when creators or projects send free NFTs directly to selected wallet addresses, often as a reward or promotional gesture.