NFT Art NFT Minting and Smart Contracts 2

Question 1

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

Accepted Answer

Deferring the on-chain minting until the NFT is purchased

Answer

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

Question 2

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

Accepted Answer

ERC-1155

Answer

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

Question 3

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

Accepted Answer

A URL pointing to the NFT's metadata JSON file

Answer

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

Question 4

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

Accepted Answer

IPFS with content-addressed hashing

Answer

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

Question 5

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

Accepted Answer

A percentage of secondary sales automatically paid to the original creator

Answer

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

NFT - Art Practice Test