Apple is adding standard acceptance for NFT-based apps to be available on the Apple App Store. However, the company is including a 30% transaction fee for all transactions, a method that many NFT companies find unreasonable and simply impossible to live in the store.
Let’s take a look at why this is happening and what to expect in the future.
Application store adjustment
First reported by Aidan Ryan on The Information, Apple reportedly said that startups are allowed to sell NFTs on apps listed in the Apple App Store, but that all NFT sales must go through in-app purchases. Apple overcharges. As Ryan rightly points out, this has forced young projects and platforms to limit in-app functionality in an effort to avoid 30% fees — even though Apple plays no role in facilitating those transactions other than acknowledging the app’s presence in the app. Storage.
Tech patent blogger FOSS notes that the actual costs to developers of patents can often exceed the 30% commission quoted when applying to the App Store. FOSS has argued that some geographic areas are charged up to 35% and forced to pay for search ads. “Whole parts of the new economy aren’t going through the App Store?” asked Informatics founder Jessica Lessin, echoing the FOSS and heavy criticism of Apple’s commission payments. He shared a comment.
Apple (AAPL) price movement over the past month has been largely on par with the broader market. | Source: NASDAQ: AAPL on TradingView.com
Payments fuel dispute
Epic Games CEO Tim Sweeney shared his thoughts on the matter. Twitter On Friday, it described App Store Mechanics as a “highly overrated in-app payment service.” Sweeney has had a lot of conflict over App Store commissions since Epic’s flagship title ‘Fortnite’ was removed from the App Store after Epic sought to discontinue the aforementioned payment structure. Sweeney has long argued that Apple’s commission rates are unfair to developers and do little to grow the industry.
Sweeney previously took a neutral stance around NFTs, but Epic has since taken a developer-first stance (whether that includes NFTs or not). Other critics have argued that Apple’s stance bodes well for its upcoming crypto-native competitors.
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