NFT Art NFT Marketplaces and Trading 2

Question 1

Which NFT marketplace introduced the 'lazy minting' feature, allowing creators to mint NFTs only when they are sold?

Accepted Answer

OpenSea

Answer

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?

Accepted Answer

The lowest listed price for any NFT in the collection

Answer

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?

Accepted Answer

Solana

Answer

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?

Accepted Answer

A sale where the price decreases over time until a buyer accepts

Answer

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?

Accepted Answer

Curated marketplace model

Answer

Curated marketplaces like SuperRare and Foundation require artist applications and approval to maintain quality standards.

NFT - Art Practice Test