Is Apple Too Low on Revenue to Continue NFT Ventures?
With new policies on NFT, Apple takes its fair share of up to 30% of its in-app payments
Less than a month after Apple permitted tokens to be bought and exchanged on the platform, it has taken a shot at the NFT ecosystem on its App Store. Approved apps may allow seeing NFTs only if they don’t unlock content or provide new functionality after updating their Review Guidelines.
License keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets are among the prohibited content and operations listed by Apple. Sales, mints, classifieds, and transfers are among the NFT-related in-app functions that are acceptable, but that is it. Apple does permit apps to display NFT ventures. It is also touted that Apple is low on revenue. Apple also targeted unauthorized cryptocurrency exchanges. Now, those apps cannot facilitate transactions unless they are only made available in the nations or areas where the platform has the necessary licensing and authority. Apple’s revenue has drawn a lot of flak in the industry.
Startups and NFT developers have taken note of Apple’s change regarding commission on NFT sales. A 30% commission is now required by the Apple App Store for NFTs sold through apps on its marketplace, thereby bringing NFT sales on par with standard in-app purchases.
The Information claims that Apple is now supportive of NFT sales made through apps available on its marketplace, but it still levies a 30% commission fee for in-app transactions. This is comparable to the Google Play app store for Android.
Apple has been criticized by NFT developers for being “grotesquely pricey,” compared to the typical 2.5% marketplace commission.
NFT market Magic Eden, situated in Solana, has removed its service from the App Store after becoming aware of Apple’s regulation change. Apple conceded a 15% reduction in commission, but Magic Eden left.
Due to Apple receiving such a large portion of commissions, other NFT marketplaces have had to restrict their usefulness. This will probably reduce the volume of NFT transactions made through the Apple App Store and will probably deter developers from facilitating the selling of digital collectibles.
While the majority of marketplace developers have decried Apple’s action, CEO of Web3 Gabriel Leydon sees the bright side of the situation. Leydon remarked, “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! I will HAPPILY give Apple a 30% cut of a free NFT.”
The post Is Apple Too Low on Revenue to Continue NFT Ventures? appeared first on Analytics Insight.
With new policies on NFT, Apple takes its fair share of up to 30% of its in-app payments
Less than a month after Apple permitted tokens to be bought and exchanged on the platform, it has taken a shot at the NFT ecosystem on its App Store. Approved apps may allow seeing NFTs only if they don’t unlock content or provide new functionality after updating their Review Guidelines.
License keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets are among the prohibited content and operations listed by Apple. Sales, mints, classifieds, and transfers are among the NFT-related in-app functions that are acceptable, but that is it. Apple does permit apps to display NFT ventures. It is also touted that Apple is low on revenue. Apple also targeted unauthorized cryptocurrency exchanges. Now, those apps cannot facilitate transactions unless they are only made available in the nations or areas where the platform has the necessary licensing and authority. Apple’s revenue has drawn a lot of flak in the industry.
Startups and NFT developers have taken note of Apple’s change regarding commission on NFT sales. A 30% commission is now required by the Apple App Store for NFTs sold through apps on its marketplace, thereby bringing NFT sales on par with standard in-app purchases.
The Information claims that Apple is now supportive of NFT sales made through apps available on its marketplace, but it still levies a 30% commission fee for in-app transactions. This is comparable to the Google Play app store for Android.
Apple has been criticized by NFT developers for being “grotesquely pricey,” compared to the typical 2.5% marketplace commission.
NFT market Magic Eden, situated in Solana, has removed its service from the App Store after becoming aware of Apple’s regulation change. Apple conceded a 15% reduction in commission, but Magic Eden left.
Due to Apple receiving such a large portion of commissions, other NFT marketplaces have had to restrict their usefulness. This will probably reduce the volume of NFT transactions made through the Apple App Store and will probably deter developers from facilitating the selling of digital collectibles.
While the majority of marketplace developers have decried Apple’s action, CEO of Web3 Gabriel Leydon sees the bright side of the situation. Leydon remarked, “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! I will HAPPILY give Apple a 30% cut of a free NFT.”
The post Is Apple Too Low on Revenue to Continue NFT Ventures? appeared first on Analytics Insight.
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