Understanding ARC-72 Tokens on Voi

Various standards for Non-fungible tokens (NFTs) have emerged across different chains. Voi has embraced the ARC-72 token standard, a newer NFT standard implemented as smart contracts on AVM (Algorand Virtual Machine) blockchain networks.

What Are ARC-72 Tokens?

ARC-72 is a specification for NFTs on AVM blockchains, designed to be implemented as smart contracts. This is a bit different from ARC-3 NFT Tokens commonly found on Algorand. Embracing ARC-72 NFTs allows for richer functionality and greater flexibility, fostering a more interoperable and feature-rich NFT ecosystem.

Key Benefits of ARC-72 Tokens

• No Opt-In Required: Unlike ASAs, ARC-72 tokens do not require users to opt-in to receive them. This simplifies the user experience and reduces the friction in transferring NFTs.
• Programmability: Being implemented as smart contracts, ARC-72 tokens offer extensive programmability. Developers can create custom methods and extend the functionality of NFTs beyond the basic ownership and transfer operations.
• Interoperability: ARC-72 aims to standardize the core interfaces for NFTs on Voi, ensuring compatibility across different applications and platforms.

NFT Navigator meets ARC-72

NFT Navigator takes advantage of the ARC-72 standard to provide a seamless experience for users. Each contract represents a collection of NFTs, and the metadata associated with each token is stored on-chain. This data is indexed using the publicly available ARC-72 NFT Indexer and made searchable, allowing users to easily discover and explore NFTs on Voi.