Tech giant Apple has decided to impose a 30% commission, putting NFT purchases on the same boat as non-redeemable token (NFT) app developers and other apps sold on the marketplace.
According to a Friday report from The Information, the smartphone company is now allowing NFTs to be bought and sold through apps listed on its marketplace, but will charge a standard commission of 30% on in-app purchases — similar to what Google charges on the Android app store. Play it.
The commission rate, however, has been condemned by some as “grossly inflated” – especially when compared to standard NFT marketplace commissions of around 2.5%.
Technology blogger Florian Muller It is called Apple’s “app tax” on NFT sales is “abusive but consistent,” says Epic Games CEO Tim Sweeney He tweeted. Apple is “crushing” another new technology that “could rival its overpriced in-app payment service.”
Now Apple is killing off all NFT app businesses it can’t afford to tax, squashing another new technology that could compete with its super-expensive in-app payment service. Apple needs to stop. https://t.co/4KChp6jtFZ
— Tim Sweeney (@TimSweeneyEpic) September 23, 2022
The report indicated that popular Solana (SOL) NFT market Magic Eden has withdrawn its service from the App Store after learning of its policy, although Apple has offered to reduce the commission to 15%, although the app will continue to be listed on the App Store at the time of writing.
Meanwhile, other NFT marketplaces on the App Store are said to have limited functionality due to heavy commissions. There is also the added challenge of being forced to make transactions in dollars rather than the cryptocurrency market, which can be risky given the volatility of the cryptocurrency market.
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Others saw the positive side of Apple’s NFT adoption. Gabriel Leiden, CEO of Web3 game developer Limit Break he said. The move “can place an ETH wallet on 1B+ players of every mobile game!” He added: “Apple will happily give 30% off free NFT.”
It is not the first time that companies have fought with Apple regarding the commissions, Epic Games has done presented After its flagship game, Fortnite was removed from the App Store in August 2020 after the publisher tried to sell in-game purchases that didn’t pass Apple’s fees.
NFT marketplace apps on the App Store currently include OpenSea, Rarible, Magic Eden, and marketplaces in crypto trading apps include Binance, Crypto.com, and Coinbase Wallet.