NFT Creating and Minting NFTs 5

Question 1

What is a 'Dutch auction' mint format in NFT drops?

Accepted Answer

A mint where the price starts high and decreases until all tokens are sold

Answer

In a Dutch auction NFT drop, the mint price begins at a high point and drops at set intervals until all NFTs are claimed, helping discover the market-clearing price.

Question 2

Which of the following best describes 'trait rarity' in a generative NFT collection?

Accepted Answer

The statistical frequency with which a specific attribute appears across all tokens in a collection

Answer

Trait rarity measures how often a specific attribute (e.g., Gold Background) appears in the full collection, with lower frequency typically correlating to higher perceived value.

Question 3

What is the key difference between a 1/1 NFT and an edition NFT?

Accepted Answer

A 1/1 is a unique single-copy artwork; an edition has multiple identical copies minted

Answer

A 1/1 (one-of-one) NFT is minted as a single unique token, while edition NFTs are minted in multiples (e.g., 1/50), with each copy identical in artwork but distinct on-chain.

Question 4

What is 'airdropping' NFTs?

Accepted Answer

Sending NFTs directly to wallet addresses without requiring recipients to purchase them

Answer

Airdropping sends NFTs directly to specified wallet addresses for free, often used for community rewards, collaborations, or marketing purposes.

Question 5

Why do some NFT creators choose to deploy their own custom smart contract rather than using a marketplace's shared contract?

Accepted Answer

Custom contracts give creators full control over minting rules, royalties, and contract ownership

Answer

A custom smart contract lets the creator set their own mint limits, pricing logic, allowlist rules, and royalty rates without being bound by a marketplace's shared contract terms.

NFT - Art Practice Test

NFT - Art Practice Test

NFT Creating and Minting NFTs 5