NFT Introduction to NFT Art 2 — Questions and Answers
Question 1: What does the term 'minting' mean in the context of NFT art?
- Printing physical copies of artwork
- Creating and publishing an NFT on a blockchain (Correct answer)
- Selling an NFT at auction
- Transferring ownership of an NFT
Correct answer: Creating and publishing an NFT on a blockchain
Minting refers to the process of publishing a unique digital asset onto a blockchain, converting a digital file into a blockchain-based NFT.
Question 2: Which file format is most commonly used for static NFT artwork?
- MP4
- PNG (Correct answer)
- DOCX
Correct answer: PNG
PNG is the most widely used format for static NFT images because it supports transparency and lossless compression.
Question 3: What is a 'gas fee' when creating an NFT on Ethereum?
- A subscription cost paid to the NFT marketplace
- A transaction fee paid to blockchain validators (Correct answer)
- A royalty fee paid to the original artist
- A platform listing fee charged monthly
Correct answer: A transaction fee paid to blockchain validators
Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.
Question 4: What is 'lazy minting' in NFT platforms like OpenSea?
- Minting an NFT without adding metadata
- Deferring blockchain recording until the NFT is sold (Correct answer)
- Creating NFTs in bulk automatically
- Minting NFTs with low-resolution images
Correct answer: Deferring blockchain recording until the NFT is sold
Lazy minting allows creators to list NFTs without paying upfront gas fees; the NFT is recorded on-chain only when a buyer purchases it.
Question 5: Which concept describes the ability to verify the original creator of an NFT?
- Interoperability
- Provenance (Correct answer)
- Liquidity
- Scalability
Correct answer: Provenance
Provenance in NFTs refers to the verifiable record of an artwork's origin and ownership history stored immutably on the blockchain.
Question 6: What is an NFT 'airdrop' in the art community?
- Dropping physical prints from a drone
- Free distribution of NFTs to wallet holders (Correct answer)
- A marketplace flash sale event
- An automated NFT auction system
Correct answer: Free distribution of NFTs to wallet holders
An NFT airdrop is when creators send free NFTs directly to existing wallet holders, often as a reward or promotional strategy.
Question 7: What does 'floor price' mean in an NFT art collection?
- The highest price ever paid for an NFT in a collection
- The lowest listed price for any NFT in a collection (Correct answer)
- The average resale price of all NFTs in a collection
- The price set by the artist at initial mint
Correct answer: The lowest listed price for any NFT in a collection
The floor price is the minimum price at which an NFT from a particular collection is currently available for purchase on the secondary market.
NFT Introduction to NFT Art 2
What does the term 'minting' mean in the context of NFT art?