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Questions and Answers
What is the process of creating NFTs?
What is the process of creating NFTs?
- Mining
- Trading
- Minting (correct)
- Investing
What was the first mainstream NFT project?
What was the first mainstream NFT project?
- NBA Top Shot
- CryptoKitties
- Etherium
- Cryptopunks (correct)
What is the main benefit of NFTs?
What is the main benefit of NFTs?
- They are a way to own a piece of meming history.
- They provide a way to prove provenance and establish a chain of ownership. (correct)
- They enable creators to monetize their work.
- They are a secure way to store digital assets.
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Study Notes
- NFTs (digital assets on the blockchain) have seen a surge in popularity in recent years, with sales growing 18,000% in 12 months.
- NFTs offer a solution to the problem of fake art on the market, as artists can use the blockchains to prove provenance and establish a chain of ownership.
- Ether's value has skyrocketed since the first NFTs were minted, and NFTs are most likely here to stay.
- Minting is the process of creating NFTs, and the first NFT projects were given away for free.
- Cryptopunks and CryptoKitties were the first mainstream NFT projects.
- The NBA league was able to keep going during the COVID-19 pandemic thanks to the sale of NBA Top Shot collectibles.
- NFTs provide a way for meme creators to immortalize their work, such as the Nyan Cat meme.
- The NFT allows collectors to own a piece of meming history.
- The NFT market is set to explode.
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