Apple Improved the NFT Regulation Rules
- Apple is among the leading phone and smart application companies globally.
- While writing this article Apple Inc. is trading at $153.24.
Apple is one of the most well-known mobile firms in the world, and its mobile devices and software are among the most dependable and trustworthy in the industry. Apple, on the other hand, has been covertly restrictive, offering a constrained public perspective on blockchain-related technology, including cryptocurrency and NFTs.
The importance of NFTs and use cases has boosted rapidly in the last six months. NFTs set the momentums of the crypto market in spite of the volatile crypto market and have prompted Apple to incorporate policy changes to directly address NFTs – and those changes are not particularly NFT-friendly.
On 24th October 2022, Apple updated its Review Guidelines on Apple App Store and official statements from the company mentioned that approved applications may allow viewing NFTs only if they don’t unlock content or offer additional functionality.
Apple specifically noted restricted content and functions, including license keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets.
As it is known that since December 2021 the crypto market has been facing its all-time highest volatility and all cryptocurrencies in the sector have lost their original values. Bitcoin is known as the largest and biggest digital currency in the crypto market which approximately lost its value by 65-70%.
In 2021 Bitcoin traded at $70k and According to data from CoinMarketCap, while writing this article BTC is trading at $20,295.81.
Earlier on 26 October,TheCoinRepublic reported that Apps on Apple devices can now sell Non Fungible Tokens (NFTs) to users. Apple will apply a 30% commission on each transaction. This rate applies to all applications on the App store. However, some members of the crypto community feel the fee is too high.
Applications on Apple devices that are not developed by Apple can be installed only from the App Store, unlike Android devices. Apple charges a 30% commission fee for each transaction from apps that have in-app purchases. OpenSea, which is the largest NFT marketplace, charges only a 2.5% fee on NFT sales.
While framing this article Apple’s stock price observes at $152.34. Apple stock price struggles on the 50-day moving average in the intraday trading session.
Undoubtedly the price of Apple stock is falling since its 150-day high of $176.14. From this top, the asset price is performing poorly below the downsloping trendline (white).
Buyers often failed to keep the stock prices close to this resistance line but eventually, they did. After a long, short-term outlook, Apple’s share price is under the control of the bulls.
In the last few months, the crypto industry has been experiencing severe volatility. However, the growth of the NFT sector looks unaffected by the volatility and downtrend.
In H1 of October 2022, TheCoinRepublic reported that the total number of NFT wallets is around 3 million, which mirrors the adoption of PFP NFTs and the huge number of new users who have joined the platform in the last three months.
Recently, Reddit announced they would release a Snoo-based series of NFT characters. But the twist came when they declared that they would offer a bunch of NFTs from the collection to its top users.
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