Apple Allows NFT in App Store
Now, Apple allows buying and selling NFT through apps hosted on the App Store. This allows developers of existing applications to sell unplayable tokens in the application, and new applications to install NFT in them.
Thousands of people all over the world were watching fake Apple presentation. Read more here.
The community calls the company’s decision “absurd”, since Apple does not play a role in these transactions in any way — they are simply sent from the company’s devices. In some regions, Apple’s commissions may be more than 35%.
“Now Apple is killing all applications with NFT that it cannot tax, destroying another nascent technology that can compete with its grotesquely inflated [commission in] the embedded payment service. Apple needs to be stopped,” Epic Games CEO Tim Sweeney wrote on Twitter.
But the head of the mobile game developer Limit Break, Gabriel Leydon, supported the tech giant’s decision and saw new opportunities in it:
“Everyone is focused on the fact that Apple wants 30% off every transaction, not realizing that this could put an ETH wallet in every mobile game with a total audience of over a billion people.”
He believes that the 30 percent share that Apple takes may be unaffordable for some and even kill NFT’s small business.
This is the basis of Epic Games’ lawsuit against Apple, which has been going on since 2020. A video game publisher has sued Apple for not allowing it to use its own payment platform instead of app purchases in the App Store and a 30% discount.
A number of experts believe that Apple will lose developers of NFT marketplaces and force users to switch to competitors — it will be more profitable to write mobile crypto applications and web versions for Android than for iOS.
Another company not discouraged by this move was Magic Eden, Solana NFT’s largest marketplace, which removed its service from the App Store.
However, at the time of publication, the Magic Eden app remains in the App Store.
There is a problem when it comes to secondary NFT sales. Trading platforms such as Magic Eden or OpenSea usually charge a commission of no more than 5%.
Apple itself has long treated NFT as a “gray zone”. What exactly caused the change of course is still unclear. At the same time, there have been applications from OpenSea and Raible marketplaces in the App Store for a long time, but both still function as browsers for viewing tokens, and not for their purchases.
Did you know that Apple records users’ conversations without their knowledge? Learn more here.
What problems can arise?
The first problem is that Apple applies the existing Web 2.0 monetization structure, taking 30% from app developers who earn more than $1 million through the App Store on an annual basis, and 15% from those who earn less than this amount.
The Google Play app Store for Android applies the same policy.
Prior to this decision, applications storing or displaying NFT could violate Apple’s rules. Now developers can sell NFT with Apple’s blessing.
In addition, cryptocurrencies are not allowed, so this is not a Web 3.0 technology.
The second problem is that transactions must be carried out in US dollars. Therefore, cryptocurrency is not suitable.
Use the best decentralized tool and be in Web 3.0 right now.