Algorand – ARC3 and ARC69 Standard NFTs Overview

In this dashboard ,aim to provide an overview of ARC3 and ARC69 standard NFTs and the total minting of NFTs and their sales volume over time.

What is Algorand ? How does it competes with Ethereum ?

With ALGO, the native currency of Algorand, the network is decentralized and uses blockchain technology.By combining well-established cryptocurrencies with new technologies, such as Algorand will offer features such as decentralization, transactions without a central authority, and easy-to-divide tokens, without sacrificing speed or computing power.

According to reports, Algorithm could challenge Ethereum’s position as one of the biggest and most significant altcoins. Here are some differences.

Developers of DeFi have turned to Algorand as a network to develop applications due to the lower transaction fees on Algorand compared to Ethereum. To generate new coins, both Ethereum 2.0 and Algorand use the proof-of-stake method. However, members of the Algorand network only need one coin, while Ethereum 2.0 requires 32ether.

Algorand – ARC3 Vs ARC69 NFTs

 ARC3 is Algorand Standard Asset Parameters Conventions for Fungible and Non-Fungible Tokens. ARC3 is more useful when handling a large amount of metadata like videos or other formats. ARC69 data is stored on the ALGO blockchain. ARC3 data is stored on IPFS, or some other server. ARC69 is currently supported by most of the NFT marketplaces.

IPFS is a decentralized p2p system for storing and accessing files, applications, websites, and data. An ARC-3 ASA can be identified by its Asset Name and Asset URL. Asset Names and URLs that begin with arc3 or end with @arc3 or contain #arc3 are recognized by clients as ARC-3 ASAs.

Here, we can see the ARC3 and ARC69 Standard NFT minting numbers over a period of time. We can also see total sales volume and transactions related to ARC3 and ARC69 NFTs over a period of time.

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