- Apple NFT Sales Facilitation
- Apple Unreasonable Fees Face Criticism
Non-fungible tokens or NFTs have been making waves and making their way into mainstream culture. One of the biggest tech companies in the world, Apple, will reportedly allow the sale of non-fungible tokens (NFTs) on the Apple App Store. However, the company will be entitled to a 30% commission despite the fact that it won’t play any role in the sale.
Apple NFT Sales Facilitation
The NFT might be able to reach large numbers of people which would lead to mass adoption and boost its industry with the help of a large platform like the Apple App Store. The Information reported that the tech company Apple is now allowing NFTs to be bought and sold through apps listed on its marketplace and will charge a standard commission of 30% on in-app purchases. According to the tweet of CEO of Web3 game developer Limit Break, Gabriel Leydon, he will happily give Apple a 30% cut as it would onboard 1B+ players for every single mobile game. Thus it may lead to the biggest driver of its mass acceptance and growth.
Apple Unreasonable Fees Face Criticism
Criticism has poured in as the commission rate is deemed unreasonably high when compared to standard NFT marketplace commissions, which are around 2.5%. According to CEO of Epic Games, also known as an NFT advocate, Tim Sweeney, Apple’s commission rates are crushing developers and fail to encourage the growth of the industry. Another individual that shares the same sentiment is the editor-in-chief of the tech website, The Information, Jessica Lessin, who believes that app tax on NFT sales is abusive yet consistent.
Apple’s commission structure is under fire from analysts and investors. FOSS Patents, a blog run by an expert in the field of patents, has revealed that the actual app tax exceeds the 30% fee, as developers are bound to pay additional fees for Search Ads placed on individual app pages. In addition, as per FOSS Patents, the tech giant’s decision to tax NFT startups is a sign of unfair treatment, as they also have the same rights as other tech startups as long as NFT businesses are legal.
Currently, NFT marketplaces on the app store include OpenSea, Rarible, and Magic Eden. Also crypto trading marketplaces include Binance, Crypto.com and Coinbase Wallet.