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Referring to the documents and examples of tzip-16, how would one implement the contract metadata on a Fa1.2 contract on SmartPy? In order to provide balance updates and offchain events.

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TZip16 uses a two stage approach:

For the specific case of the FA1.2, we will probably simply add the metadata field.

  • Metadata are now supported in SmartPy. – FFF Dec 3 '20 at 23:12
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There is no way, to implement tzip-16 on an already originated smart contract unless the contract was originally designed for this purpose, because:

  1. Tzip-16 requires (big_map %metadata string bytes) field in the contract storage .
  2. You can't change the storage structure of an already originated contract.

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