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Quiz: NFTs for Beginners

NFTs are one of the most exciting applications of blockchain technology. Test your knowledge of NFTs with this Swyftx Learn quiz.

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Question 1

What does NFT stand for?

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NFT stands for “non-fungible token”, which is a unique token that proves ownership of an asset (usually digital).

Question 2

All NFTs are completely unique.

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The signature of all NFTs is completely unique, however, the content isn’t always. For instance, a musician could create 1,000 NFT copies of an album. The album content would be identical, but there would only be 1,000 copies in existence, making it a rare, collector’s item.

Question 3

What types of assets can be presented by an NFT?

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Almost any digital asset can be made into an NFT. Currently, the most popular formats include digital art, music, photos, and video game collectables. NFTs can also represent documents and may one day be used to represent important paperwork such as property deeds.

Question 4

You should own the rights to any asset that you want to turn into an NFT.

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It is important that you own the intellectual property of an asset before turning it into an NFT. While it is possible to create an NFT of an asset that you do not own, this can put you at serious risk of running into legal trouble.

Question 5

What are CryptoPunks?

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CryptoPunks is arguably the most popular NFT project in the world. It was one of the first to go mainstream in 2017. The collection consists of 10,000 unique cyberpunk-style avatars.

Question 6

All NFTs are extremely valuable.

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While some NFTs have proven to be extraordinarily valuable and selling for millions of dollars, many have never even received a bid. This is due to the market being flooded with thousands of large NFT collections in various areas such as artwork, music, and in-game items.

Question 7

What is an NFT platform?

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An NFT platform is a framework or ecosystem that allows NFTs to be created or sold to other users on that platform. The most well-known examples are metaverse projects such as Axie Infinity, The Sandbox, and Decentraland.

Question 8

All Bored Ape Yacht Club owners receive an invitation to an exclusive global yacht club.

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The yacht club is sadly just a name. Owners of Bored Apes are not entitled to anything yacht-related; however, they are granted access to private events, discord groups, and other perks. Owners can also access a member-only collaborative graffiti wall called “The Bathroom”.

Question 9

What do you need to buy an NFT?

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In order to buy an NFT, you will need a digital wallet, such as MetaMask and funds to make the purchase, like ETH or SOL. With most NFT marketplaces you do not need to register for an account. This is because your digital wallet functions as a login.

Question 10

Ethereum is currently the only blockchain that supports NFTs.

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While Ethereum is by far the most popular blockchain when it comes to creating, buying, and selling NFTs, there are several other viable options, including Solana, Tezos, and Cosmos.

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