The NFT Handbook audiobook cover - How to Create, Sell and Buy Non-Fungible Tokens

The NFT Handbook

How to Create, Sell and Buy Non-Fungible Tokens

Matt Fortnow and QuHarrison Terry

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The NFT Handbook
Core Concepts+
Market & Use Cases+
Buying NFTs+
Making (Minting) NFTs+
Selling NFTs+

Quiz — Test Your Understanding

Question 1 of 8
What is the primary difference between a fungible asset like a dollar bill and a non-fungible asset like the Mona Lisa?
  • A. Fungible assets can be digitized, while non-fungible assets cannot.
  • B. Fungible assets are mutually interchangeable, while non-fungible assets are unique one-offs.
  • C. Fungible assets increase in value over time, while non-fungible assets depreciate.
  • D. Fungible assets require a blockchain ledger, while non-fungible assets rely on physical certificates.
Question 2 of 8
According to the text, what fundamental problem in the digital world do NFTs and blockchain technology solve?
  • A. The inability to compress large digital art files for online storage.
  • B. The difficulty of establishing ownership and provenance for easily copyable digital assets.
  • C. The high transaction fees associated with traditional art auction houses.
  • D. The lack of platforms for digital artists to display their portfolios.
Question 3 of 8
How does blockchain technology prevent the 'double-spending' problem associated with digital currencies and assets?
  • A. By requiring users to purchase a physical token before completing a digital transaction.
  • B. By utilizing a central bank authority to manually approve every digital transfer.
  • C. By using a decentralized network of computers to verify and permanently record transactions on an unfalsifiable ledger.
  • D. By encrypting digital files so that they can only be viewed offline.
Question 4 of 8
Why are people willing to pay large sums of money for an NFT when the associated digital image can be easily downloaded for free?
  • A. Because downloading the image illegally will result in an automatic copyright infringement lawsuit.
  • B. Because owning an NFT grants the buyer physical possession of the original artwork.
  • C. Because the downloaded image is heavily pixelated, while the NFT provides the only high-resolution version.
  • D. Because people have a psychological desire to collect rare, status-enhancing goods, and the blockchain guarantees authentic ownership.
Question 5 of 8
Beyond simply representing a piece of digital art, what additional utility do some NFTs, like the Bored Ape Yacht Club, provide to their owners?
  • A. They generate a fixed monthly dividend paid in Ethereum.
  • B. They act as 'social tokens' that grant access to exclusive members-only communities and merchandise.
  • C. They provide the owner with legal copyright to reproduce the image for mass commercial advertising.
  • D. They grant the owner voting rights in major traditional auction houses like Christie's.
Question 6 of 8
What strategy do the authors recommend for individuals who are just starting to buy NFTs?
  • A. Invest heavily in a single, highly-hyped mega project to maximize potential returns.
  • B. Make lots of small bets on diverse projects that personally speak to you, only investing what you can afford to lose.
  • C. Exclusively purchase NFTs that are sold through traditional auction houses to guarantee their authenticity.
  • D. Always use the 'buy now' option rather than participating in auctions to avoid overpaying.
Question 7 of 8
When minting your own NFT on a platform like OpenSea, what is the primary legal limitation you must consider?
  • A. You must possess a formal degree or certification in digital art.
  • B. You must own the copyright or have the right to use the material you are minting.
  • C. You cannot mint an asset that exceeds 10 MB in file size.
  • D. You must price the NFT in standard local currency before converting it to Ethereum.
Question 8 of 8
How does a 'Dutch Auction' work when selling an NFT on OpenSea?
  • A. The auction starts with a low price that gradually increases as buyers place competing bids.
  • B. The seller accepts private offers over a set period and chooses the highest one at the end.
  • C. The auction starts with a high price that gradually decreases over time until the first person accepts it.
  • D. Buyers bid blindly without knowing the current highest bid, and the highest bidder wins.

The NFT Handbook — Full Chapter Overview

The NFT Handbook Summary & Overview

The NFT Handbook (2022) is your go-to guide to “non-fungible tokens” – a new kind of digital asset that’s changing the way we think about ownership in the internet age. Written by two leading experts on NFTs, this explainer covers everything from how NFTs work to how you can enter this booming global market.

Who Should Listen to The NFT Handbook?

  • Crypto enthusiasts 
  • Self-starters and entrepreneurs 
  • Anyone wondering what the NFT hype is all about

About the Author: Matt Fortnow and QuHarrison Terry

Matt Fortnow is an entertainment lawyer and entrepreneur. The co-author of the music industry’s standard reference work, This Business of Music, he is also a cryptocurrency consultant and the creator of official NFTs for iconic brands like the Three Stooges. 

QuHarrison Terry is a growth marketer at Mark Cuban Companies, a Texas-based venture capital firm, where he helps portfolio companies develop marketing strategies.

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