NFT Art NFT Marketplaces and Trading 5

Question 1

What is 'IP (intellectual property) rights' typically transferred with an art NFT purchase?

Accepted Answer

Only a license to display the NFT, unless the creator explicitly grants more

Answer

Most NFT purchases transfer only a limited display license; copyright remains with the creator unless the terms explicitly state otherwise.

Question 2

What was the primary innovation of the LooksRare marketplace when it launched in January 2022?

Accepted Answer

It rewarded both buyers and sellers with its native LOOKS token for trading

Answer

LooksRare disrupted the market by distributing LOOKS tokens to users who traded on the platform, directly incentivizing volume.

Question 3

What does 'offer' functionality allow buyers to do on NFT marketplaces like OpenSea?

Accepted Answer

Propose a purchase price below the listed asking price

Answer

The offer feature lets buyers submit bids below the listing price, which sellers can accept, reject, or counter.

Question 4

What is 'edition size' and how does it affect the value of an art NFT?

Accepted Answer

The number of identical copies minted; smaller editions are generally more valuable

Answer

Edition size refers to how many copies of an artwork are minted; 1/1 (one-of-one) editions are typically most valuable due to scarcity.

Question 5

Which NFT marketplace is specifically designed for generative art and collaborates with artists to deploy custom on-chain generative scripts?

Accepted Answer

Art Blocks

Answer

Art Blocks hosts generative art where algorithms stored on-chain create unique outputs at mint time, producing one-of-a-kind results from a single script.

NFT - Art Practice Test

NFT - Art Practice Test

NFT Art NFT Marketplaces and Trading 5