NFT Creating and Minting NFTs 3

Question 1

What does ERC-1155 allow that ERC-721 does not?

Accepted Answer

Minting both fungible and non-fungible tokens in a single contract

Answer

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?

Accepted Answer

A random seed or transaction hash at mint time

Answer

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?

Accepted Answer

The computational fee paid to validators for processing the transaction

Answer

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?

Accepted Answer

Nifty Gateway

Answer

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?

Accepted Answer

It is permanently recorded on the blockchain as a series of transactions

Answer

Every transfer of an NFT creates an immutable on-chain transaction record, giving NFTs a permanent, publicly verifiable provenance trail.

NFT - Art Practice Test

NFT - Art Practice Test

NFT Creating and Minting NFTs 3