NFTs on Apple’s App store for a 30% fee September 29, 2022
NFTs on Apple’s App store for a 30% fee <br><br><br>
NFTs on Apple’s App store for a 30% fee
Apple now allows apps to sell NFTs onto its App Store marketplace. As Non-fungible tokens are gaining momentum, many IT companies have already started to accept them. The tech giant has given its approval to the current and future app developers. All it’s taking in return is a high fee of 30% for any NFT transactions carried out via the apps.
The estimated number of Apple users around the globe is 1.2 billion, if developers chose to launch their App on the App store, there will be a huge new market for the creators. Even the existing apps on the App store can sell NFTs, making it a new stream of income.
This might squeeze NFTs startups
The NFTs marketplace will avoid selling through apps as the standard NFT marketplace commissions are around 2.5% and go up to 5%. Employing the high cost of 30% commission may discourage projects, app developers and game developers. Even the other typical NFT markets such as OpenSea and Magic Eden charge a lower commission as much as 5%.
NFT firm Magic Eden has already opted to remove its offerings from the App Store. Apple also offered a lowered commission of 15% for businesses with yearly revenues under $1 million.
However, Web3 CEO Gabriel Leydon views this development as an opportunity.
He tweeted, “Apple has decided to let developers sell NFTs inside of games/apps. Everyone is focusing on apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every single mobile game onboarding 1B+ players!”
“I will HAPPILY give Apple a 30% cut of a free NFT… LETS GOOOOOOOOO… FREE TO OWN.”
Whereas, Aidan Ryan, a reporter tweeted: “Apple has told startups it must sell NFTs through in-app purchases, forcing many startups to limit functionality in apps to dodge fees up to 30% of the transaction, even when the startups are only facilitating the trades.”
At which, Tim Sweeney, CEO of Epic Games reacted as one can expect, to the fact that his company has been locked in legal battles over attempts to sell commission-free in-game content on the Apple version of Fortnite.
He tweeted: “Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped.”
Apple says no to Cryptocurrency
Apple has not taken any direct stance on cryptocurrencies yet. Despite the fact that they are allowing the selling of NFTs on the App store, the tech giant has not accepted cryptocurrencies as a form of payment yet.