Art NFT Marketplaces and Trading Flashcards

Which NFT marketplace introduced the 'lazy minting' feature, allowing creators to mint NFTs only when they are sold?

Answer: OpenSea

OpenSea popularized lazy minting, where the NFT is only minted on-chain when a buyer purchases it, saving creators upfront gas fees.

What does 'floor price' mean in the context of an NFT collection on a marketplace?

Answer: The lowest listed price for any NFT in the collection

The floor price is the cheapest available NFT in a collection, representing the minimum cost to enter that collection.

On which blockchain does the Tensor NFT marketplace primarily operate?

Answer: Solana

Tensor is a leading NFT marketplace built on Solana, known for its advanced trading features and low fees.

What is a 'Dutch auction' format when used to sell art NFTs?

Answer: A sale where the price decreases over time until a buyer accepts

In a Dutch auction, the price starts high and drops incrementally until a buyer purchases the NFT at the current price.

Which marketplace model requires NFT creators to apply and be approved before listing their art?

Answer: Curated marketplace model

Curated marketplaces like SuperRare and Foundation require artist applications and approval to maintain quality standards.

What fee does OpenSea typically charge sellers for each completed NFT sale?

Answer: 2.5%

OpenSea charges a 2.5% platform fee on each sale, which is taken from the seller's proceeds.

What is 'trait sniping' in NFT marketplace trading?

Answer: Quickly buying underpriced NFTs with rare traits before others notice

Trait sniping involves identifying and rapidly purchasing NFTs listed below their actual market value due to rare traits.