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NFT Art Collecting and Curation Flashcards

6 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 6 NFT Art Collecting and Curation flashcards as text

  1. What is a '1/1' NFT in art collecting?

    Answer: A unique, one-of-a-kind NFT artwork with only a single edition in existence

    A 1/1 (one-of-one) NFT is a completely unique artwork with only a single edition, representing the highest level of digital art exclusivity.

  2. What is 'wash trading' in NFT markets and why is it considered harmful?

    Answer: Artificially inflating sales volume by trading with oneself to manipulate perceived value

    Wash trading involves a party buying and selling the same NFT to themselves to create false trading volume and artificially inflate price history, deceiving genuine buyers.

  3. What is the primary appeal of generative art NFT collections to collectors?

    Answer: Algorithmically created unique variations make each piece distinct while belonging to a cohesive set

    Generative art collections use algorithms to produce unique combinations of traits, so each piece is visually distinct yet part of a recognizable, unified artistic system.

  4. What is the purpose of 'allowlist' (whitelist) access in NFT drops?

    Answer: To grant pre-selected community members early or guaranteed access to mint at reduced prices

    Allowlists give community members and early supporters privileged access to mint NFTs before the general public, often at lower prices as a reward for engagement.

  5. What does 'paper hands' describe in NFT collecting culture?

    Answer: A collector who sells their NFTs quickly at the first sign of price decline

    'Paper hands' describes collectors who sell quickly during market dips rather than holding through volatility, representing the opposite mindset from 'diamond hands.'

  6. What are 'secondary market royalties' and why do collectors need to understand them?

    Answer: Ongoing percentage payments automatically sent to the original creator each time their NFT is resold

    Secondary royalties, encoded in smart contracts, automatically send a percentage of each resale back to the original artist, affecting the net profit collectors receive when flipping.