Crypto News

The Apple Store allows applications that sell non-exchangeable NFT codes

The Apple Store allows applications that sell non-exchangeable NFT codes

Non-replaceable symbols NFT made rapid progress in the field of krypto, and even the global tech giants were preparing for it and providing their potential to embrace it.

According to the latest developments, the Apple App Store will allow the sale of NFT on its platform.

Apple has new green-branded apps selling NFT as well as existing app developers listed on the App Store.

But what’s important here is that Apple will charge a huge 30% fee on all NFT transactions made through the app.

These exorbitant fees will also deter projects, game owners and apps from using this feature in the App Store.

This is because other typical NFT markets such as OpenSea and Magic Eden often take a commission of only 5%

This is negligible in the face of Apple’s imposition.

According to “The Information”, NFT startup Magic Eden decided to withdraw its services from the App Store.

This happens even after Apple reduces its commission to 15% for companies with annual revenues of less than $1 million.

Gabrielle Lydon, CEO of Web 3.0, sees the overall upside of Apple’s announcement, saying:

Everyone focuses on Apple’s desire to get 30% of each transaction without realizing that this could put the market ahead of more than 1 billion users.

He added:

I’ll be happy to give Apple a 30% share of free NFT.

Apple accepts NFT and rejects cryptocurrencies:

Although Apple currently allows apps on its App Store to sell NFT, the company still does not accept Krypto yet.

Also, Apple refrains from directly participating in the Krypto and NFT space.

One obvious reason is that they don’t want to attract regulatory outrage as Meta (formerly Facebook) encountered.

Earlier in June this year, there were some rumors that Apple might issue NFT trading cards at one of its developer conferences, but they didn’t come to fruition.

Dapper Labs and Spanish soccer league launch NFT platform


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