NFT Creating and Minting NFTs 3 — Questions and Answers
Question 1: What does ERC-1155 allow that ERC-721 does not?
- Minting NFTs with royalties built in
- Minting both fungible and non-fungible tokens in a single contract (Correct answer)
- Storing metadata on IPFS automatically
- Setting a maximum supply for an NFT collection
Correct answer: Minting both fungible and non-fungible tokens in a single contract
ERC-1155 is a multi-token standard that supports both fungible (like currency) and non-fungible tokens within one smart contract, reducing deployment costs.
Question 2: A generative NFT collection uses code to create artwork. What is the typical input that determines each unique piece?
- The buyer's credit card number
- A random seed or transaction hash at mint time (Correct answer)
- The artist's wallet balance
- The current Ethereum gas price
Correct answer: A random seed or transaction hash at mint time
Generative NFTs use a random seed—often derived from the minting transaction hash—to deterministically combine art layers and produce a unique output per token.
Question 3: What is 'gas' in the context of minting an NFT on Ethereum?
- A subscription fee paid to the NFT marketplace
- The computational fee paid to validators for processing the transaction (Correct answer)
- A tax collected by the Ethereum Foundation
- Storage cost for keeping artwork on IPFS
Correct answer: The computational fee paid to validators for processing the transaction
Gas is a fee paid in ETH to compensate Ethereum validators for the computational work required to execute and record the minting transaction on-chain.
Question 4: Which marketplace pioneered the concept of 'editions' for digital art NFTs, allowing multiple copies of the same work?
- OpenSea
- Foundation
- SuperRare
- Nifty Gateway (Correct answer)
Correct answer: Nifty Gateway
Nifty Gateway popularized 'open editions' and 'limited editions,' letting collectors purchase multiple copies of the same artwork within a timed sale window.
Question 5: What happens to an NFT's ownership history when it is transferred or sold?
- The history is deleted and reset
- It is permanently recorded on the blockchain as a series of transactions (Correct answer)
- Only the most recent owner is visible on-chain
- The marketplace archives it off-chain
Correct answer: It is permanently recorded on the blockchain as a series of transactions
Every transfer of an NFT creates an immutable on-chain transaction record, giving NFTs a permanent, publicly verifiable provenance trail.
Question 6: What is the main advantage of using Polygon over Ethereum mainnet for minting NFTs?
- Polygon offers higher royalty rates
- Polygon transactions have near-zero gas fees (Correct answer)
- Polygon stores metadata on-chain by default
- Polygon NFTs cannot be counterfeited
Correct answer: Polygon transactions have near-zero gas fees
Polygon is an Ethereum layer-2 network with extremely low transaction fees, making it practical for artists to mint NFTs without paying high ETH gas costs.
Question 7: When an artist 'burns' an NFT, what actually happens?
- The NFT is sold at a discount
- The token is sent to an unspendable address, effectively removing it from circulation (Correct answer)
- The artwork file is deleted from IPFS
- The smart contract is destroyed
Correct answer: The token is sent to an unspendable address, effectively removing it from circulation
Burning sends the NFT to a null address (0x000...dead) with no private key, making it permanently inaccessible while the on-chain record remains visible.
NFT Creating and Minting NFTs 3
What does ERC-1155 allow that ERC-721 does not?