What term refers to the lowest price at which an NFT can be purchased in a marketplace? Dropee Question of the Day 14 October 2024

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Dropee Question of the Day 14 October 2024

Try answering Dropee's daily quiz now! What term refers to the lowest price at which an NFT can be purchased in a marketplace?

Explanation 

This riddle is asking about a term used in the world of NFTs (non-fungible tokens). NFTs are digital items like art, music, or other collectibles that can be bought or sold online. The term you are looking for is the name for the lowest price someone is willing to sell an NFT for in a marketplace. It’s like the starting price of the item.

This term is very common in NFT marketplaces. It helps buyers know the minimum amount they need to spend to get that digital item. It’s important because it can tell you how valuable or popular the NFT might be.

Hints 

Here are hints to help you find the answer to the riddle:

• It’s the least amount you can pay to buy an NFT.
• It’s a common term in markets for NFTs.
• The first word is something you walk on.
• The second word is about the value of something.
• It tells you the minimum price of an NFT in a marketplace.
• This term is often used when selling digital collectibles.
• The price is at the very bottom in the list of offers.

Answer 

The correct answer is FLOOR PRICE.

Explanation 

The answer to the riddle is "floor price." In the world of NFTs (non-fungible tokens), the floor price is the lowest price that a buyer can pay to purchase an NFT in a marketplace. It represents the minimum amount that sellers are willing to accept for an NFT in that collection.

When people check the floor price, they are looking for the cheapest option available in a collection of NFTs. This price often changes depending on demand, the popularity of the collection, and the marketplace activity.

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