Introduction to NFT Art Flashcards

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

Answer: Creating and publishing an NFT on a blockchain

Minting refers to the process of publishing a unique digital asset onto a blockchain, converting a digital file into a blockchain-based NFT.

Which file format is most commonly used for static NFT artwork?

Answer: PNG

PNG is the most widely used format for static NFT images because it supports transparency and lossless compression.

What is a 'gas fee' when creating an NFT on Ethereum?

Answer: A transaction fee paid to blockchain validators

Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.

What is 'lazy minting' in NFT platforms like OpenSea?

Answer: Deferring blockchain recording until the NFT is sold

Lazy minting allows creators to list NFTs without paying upfront gas fees; the NFT is recorded on-chain only when a buyer purchases it.

Which concept describes the ability to verify the original creator of an NFT?

Answer: Provenance

Provenance in NFTs refers to the verifiable record of an artwork's origin and ownership history stored immutably on the blockchain.

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

Answer: Free distribution of NFTs to wallet holders

An NFT airdrop is when creators send free NFTs directly to existing wallet holders, often as a reward or promotional strategy.

What does 'floor price' mean in an NFT art collection?

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

The floor price is the minimum price at which an NFT from a particular collection is currently available for purchase on the secondary market.