Apple To Allow NFTs On Its App Store, Will Take 30% Cut

Editing by Nathaniel Cajuday

Following the footsteps of big entities venturing into the non-fungible token (NFT) space, tech giant Apple will now also allow buying and selling of NFTs through applications listed on its App Store.

However, the offer has been raising eyebrows as Apple expressed that it will take a 30% cut from app developers who make over $1 million through the ‌App Store‌ on an annual basis and 15% making less than that.

Tim Sweeney, the chief executive officer (CEO) of Epic Games, expressed his disagreement with the company’s cut percentage and tweeted that “Apple must be stopped” on its plan.

Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped. https://t.co/4KChp6jtFZ
— Tim Sweeney (@TimSweeneyEpic) September 23, 2022

It is really a hefty sum, for as compared to the typical marketplaces like OpenSea and Magic Eden, they are only taking a commission of no more than 5% in general. Although Android’s app store, Google Play, actually also applies the same policy as Apple’s.

Prior to this, apps that were storing or displaying NFTs may have been breaking Apple’s rules, but with this venture, developers can now legally sell NFTs.

On the other hand, a web3 firm’s CEO, Gabriel Leydon, chose to see the positive side of the news:

Apple has decided to let developers sell NFTs inside of games/apps. 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! https://t.co/BPJj3gD5r2
— Gabriel Leydon (FREE,OWN) (@gabrielleydon) September 23, 2022

While Apple now allows NFTs, cryptocurrencies are still not accepted on its platforms just yet. However, according to the announcement of crypto wallet Metamask earlier this year, through their recent IoS update, iPhone users will now be able to buy cryptocurrency using a debit or credit card through the mobile Apple Pay application. (Read more: MetaMask: iPhone and Apple Pay Users Can Now Buy Crypto)

Last April, Apple’s iCloud backup data was utilized in a phishing attack where the hackers stole $655K after they got access to the user’s MetaMask seed. (Read more: Hackers Steal $655K After Extracting MetaMask Seed From iCloud Backup)

This article is published on BitPinas: AppleTo Allow Apps Selling NFTs On Its App Store But With 30% Cut Per Transaction

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