The Apple Store allows apps that sell non-fungible NFT tokens
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Answer The Apple Store allows apps that sell non-fungible NFT tokens
Non-fungible tokens (NFTs) have made rapid progress in the field of crypto, and even global technology giants have been preparing for it and providing their capabilities to embrace it.
According to the latest development, the Apple App Store will allow the sale of NFTs on its platform.
Apple has new green-marked apps that sell NFT in addition to existing app developers listed on the App Store.
But the catch here is that Apple will charge a hefty 30% fee on all NFT transactions made through the app.
These exorbitant fees will also deter projects and game and app owners from using this feature in the App Store.
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This is because other typical NFT markets like OpenSea and Magic Eden often only take 5% commission
Which is negligible compared to what Apple imposes.
According to what was reportedthe informationNFT startup Magic Eden has decided to pull its services from the App Store.
This happens even after Apple cut its commission to 15% for companies with annual revenues of less than $1 million.
Gabriel Lydon, CEO of Web 3.0, sees the overall positive side of Apple’s announcement noting:
Everyone is focused on Apple’s desire to get 30% off every transaction without realizing that this could put the market in front of more than 1 billion users.
I would be happy to give Apple a 30% share of the free NFT.
Apple accepts NFT and rejects cryptocurrency:
Although Apple currently allows apps on its App Store to sell NFTs, the company still doesn’t accept crypto yet.
Also, Apple refrains from directly participating in the crypto and NFT space.
One obvious reason is that they don’t want to attract the regulatory outrage that Meta (formerly Facebook) has faced.
Read:SEC imposes fees on 2 crypto companies and 4 individuals for their involvement in the pump and dump program
Earlier in June this year, there were some rumors that Apple might release NFT trading cards at one of its developer conferences, but it didn’t come to fruition.
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