Key Takeaways
- The Information recently reported that the Apple App Store is looking to allow third-party applications to sell non-fungible tokens (NFTs) on its platform.
- They intend to sustain this mode and charge a 30% commission for all NFT apps sold via iOS.
The Information recently reported that the Apple App Store is looking to allow third-party applications to sell non-fungible tokens (NFTs) on its platform. Nonetheless, this decision is partnered with some very heavy layoffs. For instance, if the tech giant allows this, they intend to sustain this mode and charge a 30% commission for all NFT apps sold via iOS.
Read: LUNC Price Volatility Can Be Expected as Social Activity Rises
Apple To Offer NFTs on IOS for a 30% Commission on Sales
However, the 30% commission seems to be expensive for app and game owners who have become used to the customary 5% charged when they use marketplaces like Magic Eden and OpenSea. With the look of things, the fee could be a turn off for them, as they might not be willing to pay such an amount.
According to the report by The Information, NFT startup Magic Eden has made a decision to halt its provision of services and products via the iOS App store. However, Apple is reducing its commission to 15% for businesses with an annual take-in of less than $1 million. In fact, not everyone is disturbed by the fees. Gabriel Layedon, CEO of Limit Break, a Web3 company, has a unique and intriguing take on this development.
Leydon said in a tweet he made on the bird app:
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,” he added.
Apple can now go ahead and allow NFT sales via the App Store. However, this is only for NFTs and not cryptocurrency. Furthermore, Apple appears to be dismissing direct involvement in the NFT and crypto ecosystem.Specifically, one would assume that they are trying to avoid the attention of regulators quite similar to what happened to Meta (formerly Facebook).
Nonetheless, there were reports filed during the month of June that hinted Apple would give NFT trading cards at one of their developer conferences. However, it has yet to happen. Let us know what you think about this in the comment section below.
