Apple allows NFT Trade via App Store, but with Massive Commission
Over the weekend, news surfaced that domineering fashion brand, Apple, has softened in its approach to NFTs. True to form however, the questionable tech giant will require a tribute in order to access its services.
Going forward, Apple has revealed that apps incorporating NFTs must adhere to its in-app purchasing rules. Therefore, surrendering a hefty 30% of the price of any NFTs traded on the platform. A step too far for many blockchain startups already running at tight margins.
Following the news, several members of the NFT Twitter community came out in defense of the move, arguing a 30% commission to gain access to a billion user (according to Apple) market represents a worthwhile investment. However, the move seems at odds with the decentralized ethos of NFTs and the blockchain. A movement that exists as a two-finger salute to overbearing corporations and their stranglehold on the industry.
The 30% commission rate will also discourage projects, game developers, and app developers from using this functionality on the App Store.
This is because other common NFT marketplaces, such as OpenSea and Magic Eden, frequently take 2% to 5% commission fee.
According to a report from The Information, Magic Eden declined its service from the AppStore following the ridiculous fee revelation.
Even after being given the option of a 15% transaction rate for firms with annual revenue of less than $1 million, Magic Eden refused. At the time of writing, Magic Eden is still available in the app store.
Despite the fact that Apple presently permits apps on the App Store to sell NFTs, the firm will not yet accept cryptocurrency. Apple is also avoiding taking a direct stance in the cryptocurrency and NFT industries fearing regulatory scrutiny.
