NFT Quiz

Which of the following is NOT a step in the process of minting an NFT on the Ethereum blockchain?

• Generating a unique token ID

• Creating and storing the associated digital asset on IPFS

• Paying gas fees to miners

• Obtaining approval from a centralized authority

What does NFT stand for?

• Non-Fungible Token

• Non-Functional Token

• Numeric Fungible Token

• None of the above

What is the primary advantage of storing NFT metadata on-chain compared to off-chain?

• Lower gas fees

• Improved scalability

• Increased immutability and availability

• Easier to update or modify metadata

What was the first tweet by Twitter co-founder Jack Dorsey that was sold as an NFT in 2021?

• "just setting up my twttr"

• "hello world"

• "Twitter's mission is to give everyone the power to create and share ideas and information instantly, without barriers."

• "I'm back..."

Who created the infamous "Everydays: The First 5000 Days" NFT, which sold for $69 million in 2021?

• Beeple

• Grimes

• Pak

• Trevor Jones

Which major brand was one of the first to launch an NFT collection in 2021?

• Nike

• Adidas

• Gucci

• Louis Vuitton

What is the primary benefit of owning an NFT?

• Dividends

• Proof of ownership

• Mining rewards

• Interest payments

What is the primary advantage of using a Proof-of-Stake consensus mechanism for NFT transactions compared to Proof-of-Work?

• Increased scalability

• Lower energy consumption

• Higher transaction fees

• Improved anonymity

Which of the following is NOT a common type of NFT?

• Art

• Music

• Videos

• Cryptocurrencies

What is the purpose of "minting" an NFT?

• To create a new NFT on the blockchain

• To trade an existing NFT

• To burn an NFT

• To store an NFT offline