NFT Introduction to NFT Art 4

Question 1

What does IPFS stand for in NFT storage?

Accepted Answer

InterPlanetary File System

Answer

IPFS (InterPlanetary File System) is a decentralized storage protocol commonly used to store NFT artwork files off-chain in a distributed, content-addressed way.

Question 2

What is 'royalty' in the context of NFT art sales?

Accepted Answer

A percentage of secondary sales automatically paid to the original creator

Answer

NFT royalties are programmed into the smart contract so the original artist automatically receives a percentage (typically 5-10%) each time their work is resold.

Question 3

What is a 'rug pull' in the NFT art world?

Accepted Answer

When creators abandon a project after collecting funds, leaving buyers with worthless NFTs

Answer

A rug pull is a scam where NFT project creators disappear after raising funds from buyers, leaving investors with NFTs that have no value or promised utility.

Question 4

Which wallet is most widely used for interacting with Ethereum-based NFT marketplaces?

Accepted Answer

MetaMask

Answer

MetaMask is the most popular browser extension and mobile wallet for connecting to Ethereum-based NFT platforms like OpenSea, Foundation, and others.

Question 5

What is 'phygital' art in the NFT space?

Accepted Answer

A combination of physical artwork paired with a corresponding NFT

Answer

Phygital art bridges the physical and digital worlds by linking a tangible artwork (like a print or sculpture) with an NFT that authenticates and tracks its ownership.

NFT - Art Practice Test

NFT - Art Practice Test

NFT Introduction to NFT Art 4