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Coin 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 Coin flashcards as text

  1. In NFT art marketplaces, what does a 'coin' typically refer to when used as a unit of exchange?

    Answer: A fungible cryptocurrency token used to buy and sell NFTs

    In NFT art marketplaces, 'coin' typically refers to a fungible cryptocurrency token like ETH or SOL used to transact.

  2. Which blockchain's native coin is most commonly used to purchase NFT art on OpenSea?

    Answer: Ether (ETH)

    Ether (ETH), the native coin of the Ethereum blockchain, is the dominant currency for NFT art transactions on OpenSea.

  3. What is 'minting' in the context of coin-backed NFT art projects?

    Answer: Creating a new NFT token on the blockchain for the first time

    Minting means creating and recording a new NFT on the blockchain, making it available for ownership.

  4. A collector pays 2 ETH for a coin-themed NFT artwork. If ETH is priced at $2,000, what is the USD value of the purchase?

    Answer: $4,000

    2 ETH × $2,000 per ETH = $4,000 USD.

  5. What differentiates a 'coin' from a 'token' in blockchain terminology relevant to NFT art?

    Answer: Coins exist on their own native blockchain; tokens are built on top of existing blockchains

    Coins (like ETH or SOL) operate on their own native blockchains, while tokens (like ERC-20s) are built on top of those networks.

  6. Which type of wallet do NFT art buyers use to store both their coins and their NFTs?

    Answer: A self-custodial crypto wallet such as MetaMask

    Self-custodial wallets like MetaMask hold both coins (ETH) and NFTs, giving users full control of their private keys.

  7. In numismatic-inspired NFT art, what does 'provenance' track similarly to the history recorded on a rare coin's certificate?

    Answer: The ownership history of an NFT recorded on the blockchain

    Blockchain provenance records every owner of an NFT in an immutable ledger, analogous to a coin's documented ownership history.