Appstore Demands 30% Fee Sacrifice to Incorporate NFT Sales
Over the weekend, news surfaced that domineering fashion brand, Apple, has softened in its approach to NFTs. True to form however, the questionable tech giant will require a tribute in order to access its services.
Going forward, Apple has revealed that apps incorporating NFTs must adhere to its in-app purchasing rules. Therefore, surrendering a hefty 30% of the price of any NFTs traded on the platform. A step too far for many blockchain startups already running at tight margins.
Following the news, several members of the NFT Twitter community came out in defense of the move, arguing a 30% commission to gain access to a billion user (according to Apple) market represents a worthwhile investment. However, the move seems at odds with the decentralized ethos of NFTs and the blockchain. A movement that exists as a two-finger salute to overbearing corporations and their stranglehold on the industry.
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
According to reports, leading Solana NFT marketplace, Magic Eden, has pulled development for in-app purchases on the platform, while Epic Games CEO, Tim Sweeney has reignited an ongoing feud by calling the terms a “grotesquely overpriced in-app payment service.”
Despite this, the news could eventually have positive consequences for the industry. Essentially, opening the door to a number of crypto-native platforms currently in the works, including the much hyped and highly anticipated offering from the Solana ecosystem.
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