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Apple adds standardizing acceptance for NFT-based apps to be available on the Apple App Store. However, the company includes their standard transaction fees of 30% for all transactions, a mechanism that many NFT firms claim is unreasonable and simply not possible for their existence in the store.
Let’s take a look at why this is happening and what we can expect going forward.
In a report first uncovered by Aidan Ryan at The Information, Apple has reportedly told startups that NFTs are allowed to be sold on apps listed in Apple’s App Store, but that all NFT sales must go through in-app purchases, which would be subject to Apple’s exorbitant fees. As Ryan aptly notes, this has forced young projects and platforms to limit in-app functionality in an attempt to avoid these 30% fees – despite Apple playing no role in facilitating these transactions beyond accepting a respective app’s presence in the app. Shop.
Technical patent blog FOSS Patents has noted that actual costs to developers can actually often exceed the 30% commission often cited when referring to the App Store; FOSS has argued that certain geographic areas are subject to fees that can be as high as approximately 35% and are forced to pay for search ads. Information founder Jessica Lessin shared a sentiment echoed by FOSS and comes as Apple’s commission fees face huge criticism: “Are there whole segments of the new economy that aren’t going through the App Store?”
Apple (AAPL) price movement over the past month has been largely on par with the broader market. | Source: NASDAQ: AAPL on TradingView.com
Epic Games CEO Tim Sweeney shared his thoughts on the matter in a tweet on Friday, describing App Store mechanics as a “grotesquely overpriced in-app payment service.” Sweeney has had many conflicts surrounding App Store commissions, as Epic’s flagship title ‘Fortnite’ was removed from the App Store after Epic attempted to circumvent the aforementioned fee structure. Sweeney has long argued that Apple’s commission rates are not developer-friendly and offer little benefit to the growth of the industry.
Sweeney previously took a neutral stance on NFTs, but Epic has since shown an attitude that continues to be developer-first (whether that includes NFTs or not). Other critics have argued that this stance by Apple only bodes well for upcoming crypto-native competitors, such as the speculated “Solana mobile” project in the works.
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