Apple will allow in-app NFT sales, but will apply a 30% commission fee

Apple is adding standardized acceptance of NFT-based apps to be available on the Apple App Store. However, the company includes its standard transaction fee of 30% for all transactions, a mechanism which many NFT companies believe is unreasonable and simply impossible for their existence in the store.

Let’s see why this is happening and what we can expect in the future.

The App Store adjustment

In a report first unveiled by Aidan Ryan at information, Apple reportedly told startups that NFTs are allowed to be sold on apps listed in the Apple App Store, but 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 fledgling projects and platforms to limit in-app functionality in an effort to avoid those 30% fees – despite Apple playing no role in facilitating of these transactions apart from accepting the presence of a respective application in the application. Store.

Technology patent blogger FOSS Patents noted that the actual costs for developers can in fact often exceed the 30% commission that is often quoted when referencing the App Store; FOSS argued that some geographies are subject to fees of up to around 35% and are forced to pay for search ads. Information founder Jessica Lessin shared a sentiment that was echoed by FOSS and comes as Apple’s commission fees come under immense criticism: “Are there entire segments of the new economy that does not go 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

Fuel Debate

Epic Games CEO Tim Sweeney shared his thoughts on the matter in a tweet Friday, describing the mechanics of the App Store as a “grotesquely overpriced integrated payment service.” Sweeney has had a lot of contention over App Store commissions, as Epic’s flagship title “Fortnite” was removed from the App Store after Epic sought to circumvent the aforementioned fee structure. Sweeney has long argued that Apple’s commission rates are unfavorable to developers and leave little benefit for industry growth.

Sweeney had previously taken a neutral stance regarding NFTs, but Epic has since shown an attitude that continues to be developer-centric (whether or not that includes NFTs). Other critics have argued that this stance by Apple only bodes well for future crypto-native competitors, such as the speculated “Solana mobile” project underway.

Featured image from Pixabay, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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Aurora J. William