Crypto

Apple authorizes the sale of NFT on the Apple Store

Apple authorizes the sale of NFT on the Apple Store

According The Information media, Apple has now approved the sale of NFT on its native marketplace, the Apple Store. This accreditation, which should be a positive event for the crypto industry and in particular for the NFT sector, is however proving to be problematic on several levels.

Photo by Andrey Metelev on Unsplash

App developers indeed seem unenthusiastic about the tech giant’s decision to charge a 30% commission on NFTs sold through apps on the Apple store, a decision that puts these apps on the same level as in-app purchases. -app usual. The amount of this commission has been criticized by many observers, especially in comparison to the standard commissions charged on the vast majority of NFT marketplaces, which are around 2.5%.

It would seem that the NFT market application of Solana, magic eden, was removed from the App Store after the Solana team became aware of the policy. However, Apple has reportedly offered to reduce its commission to 15% for companies with annual revenue of less than $1 million.

The CEO of the NFT Marketplace rare, Alexei Falinhas declared “It feels like Apple doesn’t really want App Store users to be able to buy or sell NFTs.” The main obstacle, according to him, lies in the economic model, which is generally based on fixed subscriptions or fixed prices. On the other hand, the way Apple allegedly delayed the approval of NFT and crypto apps for the App Store perhaps supports this opinion. According to Mr. Falin, it took several months for the Rarible application to be available on the App Store, compared to only a few days for the Google Play Store.

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Another problem that NFT platforms face is that in-app purchases from the App Store must be made in dollars, or another fiat currency, since cryptocurrency transactions are not allowed. Given the extreme volatility of the crypto market, developers cannot simply fix a dollar equivalent. Arthur Sabintsevfrom the blockchain company Pocket Networktold the publication that this problem “makes the price really difficult to set, because you have to program all these values โ€‹โ€‹dynamically.”

This isn’t Apple’s first disagreement with companies over its fees. Epic Games filed a lawsuit after its flagship game Fortnite was pulled from the App Store in August 2020. The popular game publisher had tried to set up a shopping system that circumvented Apple’s fees. Epic Games CEO, Tim Sweeneydid not hesitate to express his opinion on the subject in a tweetdescribing the mechanics of the App Store as a “grotesquely overpriced in-app payment service”.

NFT Market apps on the App Store currently include OpenSeaRare, Magic Eden and there are also applications associated with the most famous exchanges on the market such as Binance, Crypto.com and Coinbase Wallet.

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