Apple Accepts NFTs but at 30% Cut

Apple Accepts NFTs but at 30% Cut

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Jonathan
Jonathan

An editor at Coincrop


28 Sept 2022 | 2 min read
9,891 views

A

pple, one of the world's major IT firms, has enabled apps to sell NFTs on the App Store. All NFTs, however, must be bought in-app and incur a 30% commission fee.

This decision by Apple has caused many arguments in the NFT community, with most of the discussion focusing on how Apple's high percentage will affect this technology's future. It's important to note that a typical NFT marketplace, such as OpenSea and Magic Eden only charge 2-3% commission fees.

Not only that, but all App Store purchases have to be in USD. This makes it really tough to set a translated dollar value in Web3 apps on iOS since Apple does not accept cryptocurrencies.

On Friday, Tim Sweeney- CEO of Epic Games- took to Twitter to voice his negative opinions on Apple's recent actions. He said that "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." Sweeney believes that something needs to be done about this issue before it gets worse.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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