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What does NFT stand for?

A) Non-Functional Technology

B) Non-Fungible Token

C) New Financial Token

D) Network Functional Trade

NFTs represent ownership of unique digital assets, such as art, music, or virtual real estate, stored on a blockchain.

True

False

Which blockchain is most commonly associated with NFTs?

A) Bitcoin

B) Ethereum

C) Litecoin

D) Solana

What distinguishes NFTs from cryptocurrencies like Bitcoin?

A) NFTs are centralized, while cryptocurrencies are decentralized

B) NFTs are unique digital assets, while cryptocurrencies are fungible (interchangeable)

C) Cryptocurrencies are only used for gaming, while NFTs are used for financial transactions

D) NFTs are private, while cryptocurrencies are public

Major brands like Nike and Gucci are exploring NFTs as a way to offer digital versions of their products.

True

False

Which artist sold an NFT artwork for $69 million in 2021?

A) Banksy

B) Beeple

C) Grimes

D) Takashi Murakami

How are NFTs influencing the gaming industry?

A) NFTs allow gamers to truly own in-game assets and sell or trade them across platforms

B) NFTs have no connection to gaming

C) NFTs are used to buy physical games

D) NFTs are used to create characters in games

NFTs are only used for digital art and have no applications outside of creative industries.

True

False

Which industry is also leveraging NFTs to offer exclusive experiences, such as ticket sales?

A) Healthcare

B) Automotive

C) Sports and entertainment

D) Real estate

Which of the following is a potential downside to the NFT market?

A) NFTs cannot be stored on a blockchain

B) NFTs are difficult to trade

C) Environmental concerns due to energy consumption from blockchain networks

D) NFTs do not offer unique ownership

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