Apple now allows apps that sell NFTs on its App Store – slaps on a 30% commission fee

The smartphone company will now allow non-fungible tokens (NFTs) to be traded via applications listed on its App Store. This means developers of new apps can now implement NFTs into them and sell them in-app.

Things are not so simple, though. Apple said it would charge a 30% fee for in-app transactions on developers who make over US$1 million yearly with apps on the App Store and 15% on those who make less.

The tech giant also insisted that transactions on those apps must be completed in US dollars rather than crypto.

Apple’s conditions have notably received a lot of criticism. One of which was from Tim Sweeney, the CEO of video game giant Epic Games. Sweeney accused Apple of killing NFT app businesses as some of them won’t be able to afford the commission fee.

Others have commented that Apple’s fee is overpriced, especially when comparing them to the standard NFT marketplace fees – which are usually between 2.5% - 5%. 

Following Apple’s announcement of its new policy, Solana-based NFT marketplace Magic Eden pulled its services from the App Store. Although, it is still listed on the Apple platform at the time of writing.

Some have also complained about being forced to use US dollars for transactions rather than cryptocurrencies, noting that it is risky considering the ever-fluctuating crypto markets.

On the other hand, some people have chosen to see the bright side of Apple’s policy. Gabriel Leydon, CEO of Limit Break – a game development company – believes the move could 'put an ETH wallet in every single mobile game onboarding 1B+ players!' tweeting that he would 'HAPPILY give Apple a 30% cut of a free NFT.'

Historically, Apple has not been known for being bullish on Web3. However, there is talk that the company is working on augmented reality smart glasses that could hit the stores by the end of this year. Perhaps, it is looking to break into the Metaverse market.

Photo: Shacknews