Apple is adding standardization approval for NFT-based apps for availability in the Apple App Store. However, the company includes a standard 30% transaction fee on all transactions. This is a mechanism that many NFT companies claim is irrational and impractical for in-store presence.
Let’s see why this is happening and what to expect in the future.
App Store tweaks
In a report first published by Aidan Ryan information, Apple has told startups that they are allowed to sell NFTs in apps listed on Apple’s App Store, but that all NFT sales must be made through in-app purchases, which is subject to Apple’s laws and regulations. They were reportedly told they would be charged extra fees. As Ryan aptly points out, this forces new projects and platforms to limit their in-app functionality in order to avoid the 30% fee. However, Apple does not play a role in facilitating these deals other than acknowledging the existence of their respective apps within apps. shop.
Technology patent blogger FOSS Patents says: The actual cost to the developer is actually often A 30% fee often quoted when referring to the App Store. FOSS claims it can charge as much as 35% in certain regions, forcing them to pay for search ads. Information founder Jessica Lessin shared the sentiment reflected in FOSS. This is because Apple’s fees have faced significant criticism.
Apple (AAPL) price movement over the past month has been largely on par with the broader market. | Source: NASDAQ: AAPL on TradingView.com
Fees Fuel Controversy
Epic Games CEO Tim Sweeney said: Tweet On Friday, it described how the App Store works as “a grotesquely expensive in-app payment service.” Sweeney has had many conflicts over App Store fees, as Epic’s flagship title “Fortnite” was removed from the App Store after Epic tried to circumvent the aforementioned fee structure. It has argued that Apple’s fee rates are unfriendly to developers and offer little benefit to industry growth.
Sweeney previously took a neutral stance on NFTs, but Epic has since shown it remains developer-first (whether NFTs are included or not). Other critics said this stance from Apple has been speculated “solana mobile]Project in progress.
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