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Apple includes a 30 percent fee for NFTs in its App Store

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Apple declined to exempt non-fungible tokens (NFTs) from the 30% fee applied to all cryptographic assets.. This refusal would slow the growth and development of Web3 for users in the Apple ecosystem.

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Yesterday, Apple implemented a new set of rules for applications using digital assets within its ecosystem.. With these new rules, the company is for the first time allowing the minting, sale, and purchase of non-fungible tokens (NFTs) within the apps themselves. Previously, these processes had not been banned, but in some cases Apple had restricted apps due to the implementation of NFTs.

Regulation is usually a positive point for the expansion of the Web3 ecosystem in different areas, but in this case it may not be so. By regulating NFTs in Apple Store apps, the company has made it clear that transactions with these assets must use Apple’s binaries for in-app trading. This translates into paying a 30 percent commission on the total amount of each NFT transaction, which will be paid directly to Apple.

This 30% fee is known as “the apple tax“The company’s move, which seems to have been made with the goal of keeping out apps that use cryptocurrency or NFT, is a measure the company has complied with. The vast majority of creators decided to limit cryptocurrency and NFT features in their apps before they lost that 30 percent of operations.

The new rules bulletin also prohibits applications from offering exclusive access or different treatment to NFT owners.. On the other hand, access to a third-party site where to buy, sell, or coin NFTs outside the Apple ecosystem was also prohibited.

In section 3.1.1of the bulletin implemented by Apple on October 24, reads as follows:

Applications may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc.“. This clarification makes it impossible to try to evade the 30% tax by not being able to make purchases outside the app.

Apple also pointed out that NFT purchases via exchange apps focused on buying and selling digital assets will be exempt from the 30 percent tax and can still use their proprietary buying and selling systems. This allows platforms such as Coinbase, Binance, FTX and many other exchanges to continue to operate normally.

Continue reading as Leo Messi collaborates with cryptocurrency exchange BitgetThis could be interesting.

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