Apple App Store rules reportedly impose a 30% commission on in-app NFT trades
NFT startups cite these commission fees as impossible to work with.
Those in the business of selling NFTs are about to see a risky venture become a little less lucrative. Apple seems to have entered this case to claim its share of the NFT pie. It appears that rules are being imposed that allow Apple to take 30 percent of all NFTs sold through iOS apps, and the tech company is going out of its way to prevent potential sellers from evading these fees.
As noted by Apple Insider, a typical NFT marketplace will charge a commission of 2-3 percent. However, according to a new report from The Information, Apple is looking for a whopping 30 percent commission from all NFT deals made through iOS apps.
The result is that NFT traders want to move away from Apple’s ecosystem. Startups in particular are noticing that the exorbitant fees make it almost impossible to make money. On top of that, App Store purchases must be made in US dollars, as Apple does not deal in cryptocurrency. Due to the inherently volatile nature of cryptocurrency and its value, it is extremely difficult to set a translated dollar amount.
Source: Rarible
Apple has responded to The Information’s report with calls to check App Store rules. That suggests the fees are high enough to potentially deter NFT sellers from Apple’s platform. It’s certainly not the first time we’ve heard about Apple’s high commission fees. In fact, it’s part of what led to the ongoing war between Apple and Epic Games, which continues to this day. Meanwhile, some NFT traders suggest a bias against them from Apple, citing delays in approvals for NFT and Crypto apps compared to the relatively short approval processing time on the Google Play store.
We will continue to watch the NFT world for further updates. Stay tuned to Shacknews as we monitor this story.
