NFT Art NFT Marketplaces and Trading 2 — Questions and Answers
Question 1: Which NFT marketplace introduced the 'lazy minting' feature, allowing creators to mint NFTs only when they are sold?
- SuperRare
- OpenSea (Correct answer)
- Rarible
- Foundation
Correct answer: OpenSea
OpenSea popularized lazy minting, where the NFT is only minted on-chain when a buyer purchases it, saving creators upfront gas fees.
Question 2: What does 'floor price' mean in the context of an NFT collection on a marketplace?
- The average sale price of all items
- The highest price an NFT in the collection has sold for
- The lowest listed price for any NFT in the collection (Correct answer)
- The price set by the creator for primary sales
Correct answer: The lowest listed price for any NFT in the collection
The floor price is the cheapest available NFT in a collection, representing the minimum cost to enter that collection.
Question 3: On which blockchain does the Tensor NFT marketplace primarily operate?
- Ethereum
- Solana (Correct answer)
- Polygon
- Avalanche
Correct answer: Solana
Tensor is a leading NFT marketplace built on Solana, known for its advanced trading features and low fees.
Question 4: What is a 'Dutch auction' format when used to sell art NFTs?
- A sale where buyers bid up from a low starting price
- A sale where the price decreases over time until a buyer accepts (Correct answer)
- A fixed-price sale exclusive to Dutch artists
- An auction conducted entirely in Ethereum
Correct answer: A sale where the price decreases over time until a buyer accepts
In a Dutch auction, the price starts high and drops incrementally until a buyer purchases the NFT at the current price.
Question 5: Which marketplace model requires NFT creators to apply and be approved before listing their art?
- Open marketplace model
- Curated marketplace model (Correct answer)
- Aggregator model
- Decentralized exchange model
Correct answer: Curated marketplace model
Curated marketplaces like SuperRare and Foundation require artist applications and approval to maintain quality standards.
Question 6: What fee does OpenSea typically charge sellers for each completed NFT sale?
- 1%
- 2.5% (Correct answer)
- 5%
- 10%
Correct answer: 2.5%
OpenSea charges a 2.5% platform fee on each sale, which is taken from the seller's proceeds.
Question 7: What is 'trait sniping' in NFT marketplace trading?
- Quickly buying underpriced NFTs with rare traits before others notice (Correct answer)
- Reporting NFTs with stolen artwork to moderators
- Listing NFTs just below competitor prices
- Bidding on multiple NFTs simultaneously
Correct answer: Quickly buying underpriced NFTs with rare traits before others notice
Trait sniping involves identifying and rapidly purchasing NFTs listed below their actual market value due to rare traits.
NFT Art NFT Marketplaces and Trading 2
Which NFT marketplace introduced the 'lazy minting' feature, allowing creators to mint NFTs only when they are sold?