NFT Introduction to NFT Art 2

Question 1

What does the term 'minting' mean in the context of NFT art?

Accepted Answer

Creating and publishing an NFT on a blockchain

Answer

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?

Accepted Answer

PNG

Answer

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?

Accepted Answer

A transaction fee paid to blockchain validators

Answer

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?

Accepted Answer

Deferring blockchain recording until the NFT is sold

Answer

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?

Accepted Answer

Provenance

Answer

Provenance in NFTs refers to the verifiable record of an artwork's origin and ownership history stored immutably on the blockchain.

NFT - Art Practice Test