NFT Firms Will Skip The App Store Due To Apple’s 30% Commission
Apple is receiving a lot of criticism from the NFT community, NFT-based game developers because the 30% commission on App Store transactions is absurd. Startup and trading NFT firms say they ignore the App Store because of these new regulations.
According to The Information, in its new rules, Apple is now emphasizing that 30% of their regular commissions from in-app purchases are also paid out on all transactions.
This has particularly prompted NFT’s Magic Eden to never offer trading on its app, even after Apple reduced commissions to 15% for companies earning less than $1 million annual.
During crypto winter, startups and commerce in the NFT sector are said to want to grow on the App Store to be able to reach a larger audience. However, after Apple’s new regulations were introduced, they were disappointed that this plan might not be implemented.
Tim Sweeney, CEO of legendary game studio Epic Games, criticized Apple Inc. for increased supervision of NFT-focused products
According to The Information, “It feels like the position is that Apple doesn’t really want [App Store] users to be able to purchase or sell NFTs,” said Alexei Falin, CEO of NFT startup marketplace Rarible. “[It’s] almost impossible because it’s fixed subscriptions or fixed prices.”
Perhaps backing up that opinion is how Apple reportedly delays approving NFT and crypto apps for the App Store. According to Falin, it took several months to get the Rarible app onto the App Store, as compared to mere days for the Google Play Store.
This does mean that such apps are getting on to the store, but it seems they are generally acting as showcases for their services. Actual sales or transactions are being routed out to a browser site, rather than being done-in app.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
CoinCu News
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NFT Firms Will Skip The App Store Due To Apple’s 30% Commission
Apple is receiving a lot of criticism from the NFT community, NFT-based game developers because the 30% commission on App Store transactions is absurd. Startup and trading NFT firms say they ignore the App Store because of these new regulations.
According to The Information, in its new rules, Apple is now emphasizing that 30% of their regular commissions from in-app purchases are also paid out on all transactions.
This has particularly prompted NFT’s Magic Eden to never offer trading on its app, even after Apple reduced commissions to 15% for companies earning less than $1 million annual.
During crypto winter, startups and commerce in the NFT sector are said to want to grow on the App Store to be able to reach a larger audience. However, after Apple’s new regulations were introduced, they were disappointed that this plan might not be implemented.
Tim Sweeney, CEO of legendary game studio Epic Games, criticized Apple Inc. for increased supervision of NFT-focused products
According to The Information, “It feels like the position is that Apple doesn’t really want [App Store] users to be able to purchase or sell NFTs,” said Alexei Falin, CEO of NFT startup marketplace Rarible. “[It’s] almost impossible because it’s fixed subscriptions or fixed prices.”
Perhaps backing up that opinion is how Apple reportedly delays approving NFT and crypto apps for the App Store. According to Falin, it took several months to get the Rarible app onto the App Store, as compared to mere days for the Google Play Store.
This does mean that such apps are getting on to the store, but it seems they are generally acting as showcases for their services. Actual sales or transactions are being routed out to a browser site, rather than being done-in app.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
CoinCu News
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