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Art NFT Marketplaces and Trading Flashcards

7 cards from real NFT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Art NFT Marketplaces and Trading flashcards as text

  1. What is the primary purpose of an NFT marketplace aggregator like Gem or Blur's aggregation feature?

    Answer: To combine listings from multiple marketplaces so buyers can purchase across platforms in one transaction

    NFT aggregators pull listings from multiple marketplaces, allowing users to sweep floor NFTs across platforms in a single transaction.

  2. Which marketplace pioneered the 'edition' model for digital art, allowing multiple copies of the same artwork to be sold as NFTs?

    Answer: Nifty Gateway

    Nifty Gateway popularized 'drops' selling limited edition NFTs in multiple copies, making digital art more accessible.

  3. What does 'gas war' mean in the context of launching a popular NFT art collection?

    Answer: Competition between buyers that drives up transaction fees during high-demand mints

    Gas wars occur when many buyers compete to mint NFTs simultaneously, bidding up Ethereum gas fees to get their transactions processed first.

  4. On Foundation marketplace, what happens if a reserve auction is started but no one meets the reserve price?

    Answer: The auction is cancelled and the NFT returns to the creator

    On Foundation, if no bids meet the reserve price, the auction ends without a sale and the NFT remains with the creator.

  5. What is 'sweeping the floor' in NFT trading?

    Answer: Purchasing multiple floor-priced NFTs from a collection rapidly

    Sweeping the floor means buying multiple NFTs at or near the lowest price in a collection, often to accumulate holdings or signal bullishness.

  6. Which feature distinguishes Async Art's marketplace from conventional NFT art platforms?

    Answer: It supports programmable art where layers can be changed by owners

    Async Art specializes in programmable, layered digital art where different token holders can control different visual layers of a single artwork.

  7. What is a 'whitelist' or 'allowlist' in the context of an NFT art drop?

    Answer: A pre-approved list of wallet addresses eligible to mint before public sale

    An allowlist grants specific wallets early or guaranteed access to mint NFTs before the general public, rewarding community members.