Quiz time! If you love NFTs or at least have been curious about it. It's time to test how much you know about this trending sector.
The NFT industry has been around since 2014. it gained widespread attention during the peak of the crypto market in 2021 when many cryptocurrencies reached their all-time high, and some bizarre-looking NFTs even sold for millions!
However, the value of many NFTs has declined due to the recent and ongoing bear market, which has caused some people to lose interest in the sector.
What about you? Do you have a substantial knowledge of the NFT market or industry, or are you still a beginner?
The only way to find out is by taking these NFTs and crypto questions. Let's jump in!
1. What is the Full Meaning of NFT?
- Non-fungible Token
- Not for Trade-tokens
- Non-funded tokens
- Non-Financial tokens
The answer is Non-fungible tokens.
Non-fungible tokens are digital assets that are very unique. One of the most important things to note about this type of asset is that it is very unique, and all the details are recorded on the blockchain. Recording NFTs on the blockchain is used to certify the uniqueness, meaning that the original can't be claimed by someone who doesn't have ownership of it.
2. What is the full meaning of BAYC
- Banana Ape Yacht Club
- Brother of Ape Yacht Club
- Bored Ape Yacht Club
- Blunt Ape Yacht Club
The full meaning of BAYC is Bored Ape Yacht Club.
The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs that have their home on the Ethereum network. It is one of the most popular NFT collections in the industry, with celebrities like Eminem getting one for themselves. Buying one of these NFT collections gives you access to benefits like membership to a yacht club.
3. Every NFT Is Highly Valuable?
The answer is NO.
It is not every NFT collection that is valuable. Some NFTs were created to generate large amounts of sales, such as the BAYC collection of NFTs or the CryptoPunks NFTs. However, individuals or even organizations can just create NFTs without any goal of making them valuable.
4. What is an NFT Platform?
- A place for trading cryptocurrencies
- A platform that allows NFTs to be either created, traded, or even both services
- A platform for buying and selling NFT collections, only.
- A blockchain for storing NFTs in wallets.
The correct answer is that an NFT platform is a place that allows NFTs to be either created, traded, or even both services.
This platform acts as a place where the minting of new NFTs can occur and simultaneously allow the buying and selling of NFTs. Some major examples of this type of platform are Axie Infinity, Decentraland, and The Sandbox.
5. What type of assets can help create NFTs?
- Videos/ Video Game Collectibles
- Digital Artwork
- All of the Above
The answer is all of the above.
Many things can be used in the creation of NFTs, such as songs, images, digital artworks, videos, and even video game collectibles.
If you got all the answers to these NFT quiz questions right, then congratulations! You can easily pass as an NFT amatuer with this level of knowledge.