NFTs are still gaining some traction of popularity these days. What are they exactly? Well, NFTs like the name suggests are non-fungible tokens that can be bought and sold, but the ownership is for a single person only and other people using them can be taken to court for copyright charges.
The good news is that Apple has given permission for NFTs to be sold and bought on the App store and within apps as in-app purchases. According to new data, Apple has given the green light to specific apps to be able to sell NFTs in-app and the ability to install new ones while in the app.
But, there is a catch however, actually, there are 2. The first one is that the Tech Giant will be taking a 30% cut from app developers who make more than 1 million dollars per year on the App Store and will be taking 15% from the ones that make less than that. Also, it should be noted that this policy is not confined to the App store only as Android’s Play Store also follows this same rule.
Before the permission to sell or store NFTs came, the apps doing so were breaking Apple’s rules but now with this new advancement developers can sell NFTs without any fear of being called out.
The second catch, however, does not make any sense at all, as it does not allow any crypto to be used for the transactions, only USD can be used. Mirroring the reaction of the general public, Tim Sweeny who is the CEO of Epic Games the parent company of Fortnite, said in a tweet that Apple must be stopped from following through with this. He said that he believes that this 30% cut would make it unaffordable for some companies and may even bring down some small NFT businesses to the verge of Bankruptcy.
This is the base for the long-running lawsuit that the company has been pursuing against Apple on the charges of not allowing Epic Games to use its payment platform instead of the in-app purchases done through the App Store and the 30% cut it has been taking.
According to critics and most of the general public, these two catches are very unfair and can pose a concern to many people, so it would be better for Apple if they just did reverse the latter.
H/T: BW
Read next: eCommerce Ad Spend Drops by Over 50% in 2022
The good news is that Apple has given permission for NFTs to be sold and bought on the App store and within apps as in-app purchases. According to new data, Apple has given the green light to specific apps to be able to sell NFTs in-app and the ability to install new ones while in the app.
But, there is a catch however, actually, there are 2. The first one is that the Tech Giant will be taking a 30% cut from app developers who make more than 1 million dollars per year on the App Store and will be taking 15% from the ones that make less than that. Also, it should be noted that this policy is not confined to the App store only as Android’s Play Store also follows this same rule.
Before the permission to sell or store NFTs came, the apps doing so were breaking Apple’s rules but now with this new advancement developers can sell NFTs without any fear of being called out.
The second catch, however, does not make any sense at all, as it does not allow any crypto to be used for the transactions, only USD can be used. Mirroring the reaction of the general public, Tim Sweeny who is the CEO of Epic Games the parent company of Fortnite, said in a tweet that Apple must be stopped from following through with this. He said that he believes that this 30% cut would make it unaffordable for some companies and may even bring down some small NFT businesses to the verge of Bankruptcy.
This is the base for the long-running lawsuit that the company has been pursuing against Apple on the charges of not allowing Epic Games to use its payment platform instead of the in-app purchases done through the App Store and the 30% cut it has been taking.
According to critics and most of the general public, these two catches are very unfair and can pose a concern to many people, so it would be better for Apple if they just did reverse the latter.
H/T: BW
Read next: eCommerce Ad Spend Drops by Over 50% in 2022