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Introduction to NFT Art 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 Introduction to NFT Art flashcards as text

  1. What does IPFS stand for in NFT storage?

    Answer: InterPlanetary File System

    IPFS (InterPlanetary File System) is a decentralized storage protocol commonly used to store NFT artwork files off-chain in a distributed, content-addressed way.

  2. What is 'royalty' in the context of NFT art sales?

    Answer: A percentage of secondary sales automatically paid to the original creator

    NFT royalties are programmed into the smart contract so the original artist automatically receives a percentage (typically 5-10%) each time their work is resold.

  3. What is a 'rug pull' in the NFT art world?

    Answer: When creators abandon a project after collecting funds, leaving buyers with worthless NFTs

    A rug pull is a scam where NFT project creators disappear after raising funds from buyers, leaving investors with NFTs that have no value or promised utility.

  4. Which wallet is most widely used for interacting with Ethereum-based NFT marketplaces?

    Answer: MetaMask

    MetaMask is the most popular browser extension and mobile wallet for connecting to Ethereum-based NFT platforms like OpenSea, Foundation, and others.

  5. What is 'phygital' art in the NFT space?

    Answer: A combination of physical artwork paired with a corresponding NFT

    Phygital art bridges the physical and digital worlds by linking a tangible artwork (like a print or sculpture) with an NFT that authenticates and tracks its ownership.

  6. What role does a 'smart contract' play when an NFT artwork is sold on the secondary market?

    Answer: It automatically executes the sale terms, transferring ownership and distributing royalties

    Smart contracts self-execute when conditions are met, handling ownership transfer, royalty distribution to the creator, and marketplace fees without a middleman.

  7. What is meant by an NFT being 'burned'?

    Answer: Permanently destroying an NFT by sending it to an unusable wallet address

    Burning an NFT means sending it to a null or dead wallet address from which it can never be retrieved, permanently removing it from circulation.