Apple’s App Store Will Allow Apps to Sell NFTs, But Charge 30% Fees

Apple’s App Store Will Allow Apps to Sell NFTs, But Charge 30% Fees

Non-fungible tokens (NFTs) have been making faster inroads in the crypto space and even global tech giants have been warming up to it. As per the latest development, the Apple App Store will allow apps selling NFTs on its platform.

Apple has green-flagged new apps selling NFTs as well as developers of the existing apps listed on the App Store. But the catch here is that Apple will be charging a 30% hefty fee for all NFT transactions made through the apps.

This hefty fee will also deter projects, game owners, and apps from using this feature on the App Store. This is because other typical NFT marketplaces such as OpenSea and Magic Eden often take only 5% commission which is very negligible.

As reported by The Information, NFT startup Magic Eden has decided to withdraw its services from the App Store. This happens even after Apple reduced its commission to 15% for companies with annual revenue of less than $1 million. Web3 CEO Gabriel Leydon sees the overall positive side of the situation noting:

“Everyone is focusing on apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every single mobile game onboarding 1B+ players!” He added, “I will HAPPILY give Apple a 30% cut of a free NFT.”

Apple Says No To Crypto

Although Apple is currently allowing apps on the App Store to sell NFTs, the company shall still not be accepting crypto yet. Also, Apple is refraining from getting directly involved with the crypto and NFT space. One of the obvious reasons would be they don’t want to draw the regulatory ire as faced by Meta, previously Facebook.

Earlier in June this year, there were some rumors though about Apple possibly releasing NFT trading cards at one of their developer conferences. However, it never came to fruition.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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