There are some decisions that simply should never see the light of day. Either Apple didn’t understand the economics of non-fungible tokens (NFTs), either it has tried a maneuver that could have brought him big. In any case, the amount of the commission taken by Apple on each transaction involving an NFT does not pass within the ecosystem. And for good reason, it is exorbitant ! This decision is regrettable, in the sense that it could have paved the way for startups in the sector.
Good news, which is actually not. This is how to summarize the movement of the multinational. A few days ago, Apple announced in the press authorize the sale of NFTs via its AppStore app. Which inevitably benefits the ecosystem, which ends up with a larger audience. Unfortunately, this failed introduction almost makes us doubt the real intentions of Apple which – it must be said – does not follow through with its initial approach by imposing a 30% tax on each NFT transaction.
The reactions, more negative than mixed, were quickly felt within the ecosystem. Some pointing at a commission unjustified. Totally disconnected from market prices.
Epic Games CEO comments on the situation
Among the reactions, Epic Games CEO Tim Sweeney posted a statement on twitter about it. He claims that the electronics giant was going “crush another technology nascent by taking such action. Specifically, he explains that Apple is “killing every NFT app company it can’t tax by crushing another fledgling technology. that could rival its grotesquely overpriced in-app payment service.”
Because it must be understood that, if Apple usually applies this standard commission to each application that passes through the App Store, no player in the NFT ecosystem charges such a sum! Indeed, in general the amount of the commission oscillates between 2 and 4%. For comparison, they are only 2.5% on the main NFT marketplace OpenSea. Therefore, the American firm should logically have complied with market prices.
This information has already had consequences within the ecosystem. Indeed, the NFT Magic Eden marketplace has withdrawn from the App Store, due to the amount of the commission. Others still decide to stay there, for the time being.
Despite this insane decision – and devastating for the companies concerned – we can still find a positive point: Apple has over a billion users. In terms of exposure and democratization alone, we couldn’t do better.
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