Apple Allows Selling NFT In Apps... But Only Paying The 30% Fee
✍️ 26 September, 2022 - 17:33 👤 Editor: Jakub Motyka
- Apple allows selling NFTs on its platform under certain conditions.
- There is a 30% commission that has worried its users. How does this affect businesses and creators who are part of the Apple Store?
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Recently, Apple's native store, the Apple Store, has generated controversy due to the inclusion of NFT in its platform and its policies. According to users, the conditions creators face to sell on their store are unfair. At the moment, Apple charges a minimum 30% fee for each of the transactions involving this token. It is because of this that users and several NFT companies allege that "it is not feasible to sell under these conditions".
Many companies that use this type of token have been in constant growth since last year. Both investors and users believe that NFTs continue to be a good long-term investment. However, due to transaction fees imposed on various platforms, many sellers have trouble offering their products. In addition to the fees imposed by Apple, other sales methods also charge large amounts for transactions.
What other policies has Apple imposed for NFTs?
According to the company's statements, all purchases made must be made through through the company's “in-app” mechanism. This is how it is impossible for users to avoid the high commission. On the other hand, in response to this, companies, developers and individual creators have limited the functionality of the app, trying to avoid this commission. Consequently, a small number of companies and other startups have expressed a desire not to get involved with Apple.
Magic Eden, a well-known and growing NFT game company, was one of the first to remove its products from the app. One of its main reasons has been the aforementioned policy, Likewise, there are more reasons behind this withdrawal. At the moment, the App Store only accepts USD, making it impossible to transact with cryptocurrencies. Due to this, and the difficulty of making an average change when using several currencies on the platform, many companies do not look favorably on participating with the technological titan.
Fixed Prices On The App Store Keep Companies Away
Finally, the controversy has made many NFT creators and firms concerned about the unfair prices that the purchase in the app establishes on each token. According to the CEO of Rarible, Alexei Falin, “Apple does not want users of crypto assets in its application”. Many companies have had difficulties in complying with all the technical and legal requirements of the company. Is Apple delaying the approval of NFT and cryptocurrency platforms on purpose?
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