Apple App store has green-flagged new applications that sell NFTs and developers of existing applications listed on the App Store.
As per the most recent news, the Apple App Store would enable applications to sell NFTs on its platform.
Apple has green-flagged new applications that sell NFTs and developers of existing applications listed on the App Store. However, the company will charge a 30% fee for any NFT transactions made via the applications.
This hefty fee will also discourage projects, game developers, and app developers from adopting this functionality on the App Store. This is because other common NFT marketplaces, such as OpenSea and Magic Eden, sometimes charge only 5% commission, which is negligible.
As reported by a local media outlet, the NFT firm Magic Eden has decided to suspend its services from the App Store. This is true even when Apple reduced its commission to 15% for businesses with less than $1 million in yearly revenue. Web3 CEO Gabriel Leydon sees the situation as an overall positive development, pointing out:
“Everyone is focusing on Apple's demand for a 30% share of each transaction, ignoring the fact that this might place an ETH wallet in every single mobile game, enlisting 1 billion or more players!” He went on to say, "I will HAPPILY offer Apple a 30% cut of a free NFT."
Apple Says No To Crypto
Although Apple is currently allowing applications on the App Store to sell NFTs, the company will not yet accept cryptocurrency. Furthermore, Apple is avoiding direct involvement in the crypto and NFT industries. One clear reason is that they do not want to face the same regulatory scrutiny as Meta, previously Facebook, faced.
Earlier in June this year, there were some reports regarding Apple possibly introducing NFT trading cards at one of their developer conferences. However, it never materialized.
Read also: Californian governor rejects the framework for crypto licensure and regulation
