NFT Introduction to NFT Art 5

Question 1

What is the primary difference between ERC-721 and ERC-1155 token standards for NFT art?

Accepted Answer

ERC-721 creates unique single tokens while ERC-1155 allows both fungible and non-fungible tokens in one contract

Answer

ERC-1155 is a multi-token standard that can handle both unique NFTs and fungible tokens within a single smart contract, making it more flexible than the single-token ERC-721.

Question 2

What does 'wash trading' mean in the NFT art market?

Accepted Answer

Artificially inflating an NFT's price by buying and selling it between controlled wallets

Answer

Wash trading involves an actor buying their own NFT using different wallets to create fake transaction history and artificially inflate perceived value and trading volume.

Question 3

Which of the following best describes 'open edition' NFT art?

Accepted Answer

An unlimited number of copies of an NFT available to mint within a set timeframe

Answer

Open edition NFTs allow unlimited minting of the same artwork during a defined window, making them accessible to more collectors compared to limited editions.

Question 4

What is 'curated' vs. 'open' on NFT marketplaces like SuperRare and Foundation?

Accepted Answer

Curated platforms invite and vet artists while open platforms allow anyone to mint

Answer

Curated NFT marketplaces like SuperRare review and select artists for quality control, while open platforms like OpenSea allow any creator to mint and sell without approval.

Question 5

What does 'token gating' mean for NFT art collectors?

Accepted Answer

Restricting access to exclusive content or events based on NFT ownership

Answer

Token gating uses NFT ownership as an access credential, granting holders exclusive access to content, communities, events, or physical experiences.

NFT - Art Practice Test

NFT - Art Practice Test

NFT Introduction to NFT Art 5