30th
Jan
NFT MCQ

NFT MCQ

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  • 30th Jan, 2023
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Take NFT MCQ test to brush up your skills.

NFT MCQ

1) What is an NFT?

  • A. It is a type of cryptocurrency
  • B.It is a type of smart contract
  • C.It is a physical token used for authentication
  • D.It is a unique digital asset that represents ownership of a digital item

2) What makes NFTs unique?

  • A. NFTs are fungible
  • B.NFTs are interchangeable
  • C.NFTs are physical tokens
  • D.NFTs are non-interchangeable and non-divisible

3) What is an example of something that can be represented as an NFT?

  • A. A tweet
  • B.A barrel of oil
  • C.A kilogram of gold
  • D.None of the above

4) What is the main purpose of an NFT marketplace?

  • A. Buying and selling of NFTs
  • B.Creation of new NFTs
  • C.Conversion of NFTs into physical assets
  • D.All of the above

5) What is the major difference between an NFT and a cryptocurrency?

  • A. NFTs are physical tokens, while cryptocurrencies are digital
  • B.NFTs are used for authentication, while cryptocurrencies are used for transactions
  • C.NFTs are non-interchangeable and non-divisible, while cryptocurrencies are fungible
  • D.NFTs represent ownership of a digital item, while cryptocurrencies are a medium of exchange
Download Free : NFT MCQ PDF

6) What the benefits of using NFTs?

  • A. Anonymity and security
  • B.Ownership and scarcity
  • C.Flexibility and scalability
  • D.Privacy and decentralization

7) NFTs are stored in the ................

  • A. Cloud
  • B.Physical location
  • C.Centralized server
  • D.Decentralized blockchain

8) What is called the technology behind NFTs?

  • A. ERC-20
  • B.ERC-721
  • C.Blockchain
  • D.Smart contract

9) NFTs are created ..............

  • A. by mining
  • B.by buying
  • C.via smart contract
  • D.by a central authority

10) What is the value of NFTs?

  • A. Determined by its utility
  • B.Determined by its rarity
  • C.Determined by market demand
  • D.None of the above
Read Best: NFT Interview Questions

11) What are the main use case for NFTs?

  • A. Real-estate
  • B.Gaming items
  • C.Digital Collectible
  • D.All of the above

12) NFTs can be replicated.

  • A. True
  • B.False

13) How many copies of NFTs can exist?

  • A. One
  • B.Two
  • C.More than one
  • D.None of above

14) What are the uses of NFTs in the gaming industry?

  • A. It is used as in-game currency
  • B.It is used as unique and collectible items
  • C.It is used to represent virtual real estate
  • D.All of the above

15) What is the use case of NFTs in the art industry?

  • A. It is used to represent digital artworks
  • B.It is used to represent physical artworks
  • C.It is used to represent ownership of a physical artwork
  • D.All of the above
Download Free: NFT Interview Questions PDF

16) What is the main difference between ERC-721 and ERC-20 tokens?

  • A. ERC-721 tokens are non-fungible, while ERC-20 tokens are fungible
  • B.ERC-721 tokens are used for NFTs, while ERC-20 tokens are used for cryptocurrencies
  • C.ERC-721 tokens are used for smart contracts, while ERC-20 tokens are used for transactions
  • D.All of the above

17) How can someone verify the authenticity of an NFT?

  • A. By checking the NFT's physical attributes
  • B.By checking the NFT's smart contract code
  • C.By checking the blockchain transaction history
  • D.None of the above

18) How does NFTs provide ownership and scarcity for digital assets?

  • A. By creating unique, non-fungible tokens
  • B.By registering the ownership on blockchain
  • C.By allowing the buying and selling of NFTs on marketplaces
  • D.All of the above

19) How does NFTs differ from other forms of digital collectibles?

  • A. NFTs are stored on a blockchain
  • B.NFTs are unique, non-fungible assets
  • C.NFTs can be bought and sold on marketplaces
  • D.All of the above

20) What are the uses of NFTs in the real estate industry?

  • A. NFTs are used to represent ownership of a virtual property
  • B.NFTs are used to represent ownership of a physical property
  • C.NFTs are used to represent access to exclusive real estate content
  • D.All of the above

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