Practice Test GeeksNFT - Art Practice Test
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Coin Flashcards

7 cards from real NFT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Coin flashcards as text

  1. What is a 'wrapped coin' (e.g., WETH) and why do some NFT art platforms use it?

    Answer: An ERC-20 version of a native coin that enables smart contract interactions like bidding

    Wrapped ETH (WETH) is an ERC-20 representation of ETH that allows it to interact with smart contracts for features like off-chain bids.

  2. Which term describes the total market value of all NFTs in a collection, calculated using the floor price in coins?

    Answer: Floor market cap

    Floor market cap = floor price × total supply of NFTs in the collection, giving a quick snapshot of the collection's overall value.

  3. An NFT art collector 'sweeps the floor.' What does this mean in coin-spending terms?

    Answer: Purchasing multiple lowest-priced NFTs in a collection at once

    Floor sweeping means buying several of the cheapest-listed NFTs in a collection rapidly, often to accumulate holdings or signal demand.

  4. What risk does extreme coin price volatility pose to an NFT art collector's portfolio?

    Answer: The fiat value of their NFT holdings can drop sharply even if coin-denominated prices stay the same

    Since NFTs are priced in coins, a drop in the coin's fiat price directly reduces the dollar value of the NFT portfolio even without any change in the NFT's coin-denominated price.

  5. What is a 'Dutch auction' mint in the context of NFT art priced in coins?

    Answer: An auction where the starting price decreases over time until someone buys

    In a Dutch auction, the NFT's coin price starts high and decrements over time, incentivizing buyers to decide their own acceptable price point.

  6. What does 'coin allocation' mean in a whitelisted NFT art mint?

    Answer: The number of NFTs a whitelisted wallet is permitted to mint

    Coin allocation (often called mint allocation) specifies how many NFTs a whitelisted address is allowed to purchase during a presale.

  7. A digital coin artwork NFT is listed for 0.5 ETH but sells via a MATIC offer on a cross-chain platform. What process enables this?

    Answer: A cross-chain bridge or marketplace escrow converts or settles the trade across chains

    Cross-chain platforms use bridging protocols or internal settlement layers to facilitate trades between coins on different blockchains.