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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 is the primary difference between ERC-721 and ERC-1155 token standards for NFT art?

    Answer: ERC-721 creates unique single tokens while ERC-1155 allows both fungible and non-fungible tokens in one contract

    ERC-1155 is a multi-token standard that can handle both unique NFTs and fungible tokens within a single smart contract, making it more flexible than the single-token ERC-721.

  2. What does 'wash trading' mean in the NFT art market?

    Answer: Artificially inflating an NFT's price by buying and selling it between controlled wallets

    Wash trading involves an actor buying their own NFT using different wallets to create fake transaction history and artificially inflate perceived value and trading volume.

  3. Which of the following best describes 'open edition' NFT art?

    Answer: An unlimited number of copies of an NFT available to mint within a set timeframe

    Open edition NFTs allow unlimited minting of the same artwork during a defined window, making them accessible to more collectors compared to limited editions.

  4. What is 'curated' vs. 'open' on NFT marketplaces like SuperRare and Foundation?

    Answer: Curated platforms invite and vet artists while open platforms allow anyone to mint

    Curated NFT marketplaces like SuperRare review and select artists for quality control, while open platforms like OpenSea allow any creator to mint and sell without approval.

  5. What does 'token gating' mean for NFT art collectors?

    Answer: Restricting access to exclusive content or events based on NFT ownership

    Token gating uses NFT ownership as an access credential, granting holders exclusive access to content, communities, events, or physical experiences.

  6. What is 'slippage' when buying an NFT on a decentralized exchange?

    Answer: The difference between the expected and actual transaction price due to market volatility

    Slippage occurs when the executed transaction price differs from the quoted price, often due to rapid price changes or low liquidity during the time it takes to confirm a transaction.

  7. What was the historical significance of 'CryptoPunks' in NFT art history?

    Answer: They were among the first NFTs on Ethereum and inspired the ERC-721 standard

    CryptoPunks, launched by Larva Labs in 2017, were among the earliest NFT projects on Ethereum and directly inspired the creation of the ERC-721 non-fungible token standard.