Apple allows NFT sales in apps on its App Store
A 30% commission will be charged on the sale of non-fungible tokens
26.09.2022 - 12:00
419
2 min
0
What’s new? Apple, a US corporation, has approved the possibility of selling non-fungible tokens (NFTs) in applications placed on the App Store marketplace. The company’s representatives noted that a 30% commission will be charged when tokens are sold through the apps. Members of the crypto community reacted ambiguously to the statement and criticized the high fees, as commissions on leading NFT marketplaces usually reach only 5%, The Information reports.
Information on the website of The Information
Community reaction. Journalist Aidan Ryan stressed in his column for The Information that the App Store, amid the general decline of the crypto market and the resulting in non-fungible token volume sales tanking, could have benefited by allowing asset trading through the app, if not for the high commissions. For example, Sidney Zhang, co-founder and CTO of the Magic Eden marketplace on the Solana ecosystem, noted that the team never attempted to offer token sales services through the app because of Apple’s high commissions.
Gabriel Leydon, CEO of mobile game developer Limit Break, noted that Apple’s decision was the right one and also saw in it new opportunities, pointing out that the total audience for mobile games available on the App Store exceeds a billion people. Epic Games CEO Tim Sweeney commented on the situation:
“Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced [commission] in-app payment service. Apple must be stopped.”
Although Apple has allowed apps on the App Store to sell NFTs, it does not yet accept cryptocurrency. Moreover, Apple avoids direct involvement in the crypto industry. One obvious reason is that the company does not want to face the same regulatory scrutiny that Meta has faced.
On September 15, Epic Games listed the first NFT game called Blankos Block Party on its store. The project was developed by the Mythical Games team and the beta version of the game was released back in 2020. According to the studio, it currently has more than 1 million users.
Useful material?
Market
To advance crypto-friendly regulation, Trump’s party needs to win a majority in the Senate
Oct 18, 2024
Incidents
The regulator believes that the court erred in not recognizing retail sales of XRP as securities transactions
Oct 18, 2024
Market
The leader was the Solana network, with 100 million active addresses per month
Oct 17, 2024
Crypto regulations
Amendments to the regulation of financial institutions have been published for public discussion until October 30
Oct 16, 2024
Market
Over the past four years, the company’s shares have grown by 1540%, while the index has gained only 111%
Oct 16, 2024
Incidents
Over the last 24 hours, the asset has updated its all-time high at $2,34
Oct 15, 2024