Apple has become the latest platform to embrace non-fungible tokens. As of September 2022, Apple, one of the largest technology companies in the world, has begun allowing apps for buying and selling NFTs to be listed, installed and sold through the App Store, which currently has over one billion users.
This development comes on the heels of the Ethereum Merger, where the Ethereum blockchain, the most widely used blockchain for NFTs, transitioned from a “proof of work” consensus mechanism to an environmentally friendly “proof of stake” model. It also follows a series of NFT-related announcements from other major platforms and technology companies, including:
- Twitter Launches NFT Verification for Profile Pictures (“PFPs”)
- Reddit introduces NFT avatars
- TikTok releases creator-led NFT collections
- Meta that allows users on both Facebook and Instagram to share their NFTs and digital collectibles
Although Apple has faced criticism for taking a 15-30% cut of NFT in-app purchases, their entry into the NFT space could be a catalyst to bring millions of users into blockchain technology. As more major platforms continue to embrace this new technology, the popularity and range of use cases for NFTs will continue to grow.
www.fkks.com
This notice provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged here in providing legal advice, and shall not be held liable for any damages resulting from errors, inaccuracies or omissions. Our attorneys only practice in jurisdictions where they are authorized to do so. We do not seek to represent clients in other jurisdictions.
