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Apple Revises NFT Sales Policies in App Store

Apple, a leading technology company, published the rules for adding NFTs and other information on cryptocurrency trading apps on Monday, October 24. Apple has for the first time made clear certain particular guidelines for the acquisition of non-fungible tokens (NFTs).



25-Oct-2022 By: Divya Behl
Apple Revises NFT Sa

New rules and a tax structure have been introduced by Apple for NFT sales made through apps that are registered on the App Store.

Apple, a leading technology company, published the rules for adding NFTs and other information on cryptocurrency trading apps on Monday, October 24. Apple has for the first time made clear certain particular guidelines for the acquisition of non-fungible tokens (NFTs).

The news regulations specify what uses of NFTs are permitted and prohibited. The topic of listing a cryptocurrency exchange app is also covered. Users will be allowed to buy NFTs in-app in accordance with the revised App Store rules.

It's interesting to note that Apple will also stop apps from employing techniques like "QR codes, cryptocurrencies, and cryptocurrency wallets" to access any content or functionality.

NFT Taxation and the Apple App Store

To develop a foundation for NFT sales, Apple has been working for a while. Apple has integrated in-app NFT transactions to apply a common 30% commission rate to all purchases when it comes to taxation on NFT sales.

There is no room for it because Apple forbids any NFT purchases outside of the app. Apple has come under fire for charging a 30% commission on NFT sales made through the apps of well-known NFT marketplaces like OpenSea or Magic Eden. This taxes has been dubbed "grotesquely exorbitant" by several. The typical commission rate for NFT purchases is 2.5%.

Magic Eden claimed that as a result of the hefty taxes, they have reduced their functionality and taken their services off the App Store. The Magic Eden Apple app only allows users to explore and view their personal NFTs.

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