Art NFT Minting and Smart Contracts Flashcards

What is 'lazy minting' in the context of NFT art?

Answer: Deferring the on-chain minting until the NFT is purchased

Lazy minting defers the actual blockchain transaction until a buyer purchases the NFT, so creators avoid upfront gas fees.

Which ERC standard introduced the ability to represent both fungible and non-fungible tokens in a single contract?

Answer: ERC-1155

ERC-1155 is a multi-token standard that allows a single contract to manage both fungible and non-fungible tokens.

What does the 'tokenURI' function in an ERC-721 contract typically return?

Answer: A URL pointing to the NFT's metadata JSON file

The tokenURI function returns a URI (often an IPFS or HTTP URL) that points to a JSON file containing the NFT's metadata.

An artist wants to ensure their NFT artwork metadata cannot be changed after minting. Which storage approach best achieves this?

Answer: IPFS with content-addressed hashing

IPFS uses content-addressed storage where the CID (hash) changes if content changes, making original metadata tamper-evident.

What is a 'royalty' in an NFT smart contract context?

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

NFT royalties are percentages of resale prices that smart contracts (often using EIP-2981) automatically direct to the original creator.

During NFT minting, what is the primary purpose of the 'approve' function in ERC-721?

Answer: To allow another address to transfer a specific token on the owner's behalf

The approve function grants a specific address permission to transfer one particular token, enabling marketplace escrow mechanics.

What problem does 'on-chain' metadata storage solve compared to off-chain storage?

Answer: It ensures metadata persists even if external servers go offline

Storing metadata directly on the blockchain ensures it remains accessible permanently, even if external hosting services shut down.