Apple is planning to allow non-fungible tokens (NFTs) apps to be available on the App Store. According to recent reports, the iPhone maker is expected to charge a 30 percent fee on all NFT transactions that occur on apps available on the company''s app store. This demand from Apple has received a backlash from members of the NFT community.
Apple''s commission cuts are to blame for keeping NFT players away from the App Store, according to Sidney Zhang, the founder and chief technology officer of the Magic Eden marketplace.
Despite its promise to reduce Apple''s commission to 15 percent for NFT platforms with less than $1 million in annual income, Apple is faced with backlash from the community.
NFT marketplace commissions are usually around 2.5 percent according to industry standards, which makes Apple''s demand for 30 or 15 percent commission more overpriced.
#Apple''s app tax on #NFT sales is dismal, but it''s consistent: NFT startups must trade outside #AppStorehttps://t.co/8E7YtxEmZp#blockchain #web3 #antitrust @aidanfitzryan @Jessicalessin
Apple claims that NFT programs may only sell NFTS through in-app purchases, owing to a 30 percent transaction fee. # financial pic.twitter.com/nY8fTB8Bq5
Is it possible to read the newsletter? "It''s not always possible to make a 3-percent commission on a typical NFT marketplace. According to a new study, Apple is looking for a whopping 30 percent commission from any NFT transactions conducted on iOS apps."
Apple''s demand was reacted, according to Epic Games CEO Tim Sweeney.
Apple is slaining all non-tax businesses in NFT apps, putting another nascent technology behind its outrageously high-priced in-app payment system. It must be removed. https://t.co/4KChp6jtFZ
NFT marketplaces looking to rely on the App Store for exposure have limited the functionality on their platforms in order to escape charges due to Apple''s massive commissions.
While Apple has not commented if it will improve its commission cuts, there are still NFT players who are concerned about paying the price to have their mobiles exposed to over a billion Apple users around the world.
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According to Gabriel Leydon, the CEO of LimitBreak, everyone is aiming to keep Apple going until the 30 percent reduction of every transaction without realizeing that this might place an ETH wallet in every single mobile game onboarding 1B+ players.
Apple has decided to allow developers to sell NFTs inside of games/apps. Everyone is concentrating on apple''s 30% decrease of each transaction without realizing this might be a factor in every single mobile game onboarding 1B+ players! https://t.co/BPJ3gD5r2
NFTs have become a reality in recent years, with digital assets proving to be a profitable business tool for several large corporations.
A total of $260 million (roughly Rs. 2,100 crore) has been secured by high-end luxury brands including Nike, Gucci, Dolce, and Gabbana by sales of their NFT merchandise.
The NFT market will be a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030, and it''s too small a company to be ignored, according to Tarusha Mittal, the CEO of UniFarm, who founded UniFarm in a conversation with Gadgets 360. UniFarm is a multi-token reward staking program.