What’s an Opt-In?
Before an Algorand account can receive a specific asset it must opt-in to receive it. While this is a nice feature to prevent unwanted assets from entering your wallet, it adds friction when trying to transact new assets. This is a major issue for airdrops and giveaways, but also for regular users sending each other NFTs which all have unique ASA IDs.
ARC-12 is soon to be introduced and will function much like a temporary escrow account for asset transfers. While ARC-12 allows for a one-time sending of an asset that the recipient can either claim or reject, NFD Vaults offer much more flexibility and control for users. Vaults function as completely independent Algorand accounts that can hold ALGO and any other asset or NFT all controlled by the NFD owner.
NFD Vault Features
Newly minted NFDs will have Vault functionality. Existing NFDs will need to be upgraded to the latest contract version to enable Vaults.
Auto opt-in / opt-out
Vaults will auto opt-in to any asset they are sent, and they will also auto opt-out when you send an asset resulting in a zero balance which helps manage the minimum balance requirement (MBR) of the account. The sender pays the .1 ALGO MBR and does not get it back, preventing the spamming of unwanted assets by adding a cost. To further protect users from unwanted airdrops, these Vaults default to being locked, and when locked only the owner can send assets to it. The Vault can be unlocked or locked at will, offering a high degree of control to the user. Don’t want random tokens showing up? Keep your Vault locked!
NFD Vaults offer seamless asset management, allowing users to transfer assets between their account and Vault, or to any other NFD account or its Vault. The Vault is essentially the NFD, meaning that all assets travel with it. This feature enables users to sell or transfer their NFD along with all of its vaulted assets, facilitating easy trading of large NFT collections. The Gallery aggregates NFTs across all your accounts (owner account, linked accounts, and vault). If your NFTs are in your Vault you’ll see a ‘Vaulted’ icon in your Gallery.
If you would like to help test Vaults they are currently live on Testnet and we would greatly appreciate all feedback. As always, the best place to receive help or give feedback is our Discord server. Don’t miss the weekly NFT giveaways in the Verified channel!