NFT Art NFT Fundamentals and Concepts 3

Question 1

What is 'provenance' in the context of NFT art?

Accepted Answer

The verifiable ownership history of an NFT recorded on the blockchain

Answer

Provenance refers to the complete, verifiable record of an NFT's ownership history, permanently recorded on the blockchain.

Question 2

What is an NFT 'burn' mechanism?

Accepted Answer

Destroying an NFT permanently by sending it to an inaccessible wallet address

Answer

Burning an NFT means sending it to a null or unrecoverable address, permanently removing it from circulation and reducing supply.

Question 3

What distinguishes a '1/1' NFT from an edition NFT in the art world?

Accepted Answer

A 1/1 is a completely unique piece with only one edition, while edition NFTs have multiple copies

Answer

A 1/1 (one-of-one) NFT is a singular, unique artwork with no duplicates, analogous to an original painting, while edition NFTs are like numbered prints.

Question 4

What role does IPFS play in NFT art storage?

Accepted Answer

A decentralized file storage system used to host NFT media files off-chain

Answer

IPFS (InterPlanetary File System) is a decentralized storage protocol commonly used to host the actual media files that NFTs point to.

Question 5

What is a 'whitelist' or 'allowlist' in NFT art drops?

Accepted Answer

A pre-approved list of wallet addresses granted early or guaranteed access to mint an NFT

Answer

A whitelist (now often called allowlist) grants specific wallet addresses priority or guaranteed access to mint NFTs before or instead of the general public.

NFT - Art Practice Test

NFT - Art Practice Test

NFT Art NFT Fundamentals and Concepts 3