Apple Will Allow NFT Sales In Apps, But Will Apply 30% Commission Fees
Apple is adding standardizing acceptance of NFT-based apps to be available on the Apple App Store. However, the company is including their standard 30% transaction fees for all transactions, a mechanism that many NFT firms argue is unreasonable and simply not feasible for their existence in the store. Let’s take a look at why this […]
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While the commission is standard for Apple, some have expressed their displeasure at the company's “grotesquely overpriced” cut of sales. Non-fungible token (NFT) app developers and others have balked at a decision by tech giant Apple to impose a 30% commission on NFTs sold through apps on its marketplace, effectively putting NFT purchases in the same boat as regular in-app purchases. According to a Friday report from The Information, the smartphone company is now allowing NFTs to be bought and sold through apps listed on its marketplace but imposes its standard commission on in-app....
Ethereum and its native currency ether have received the lion’s share of hype and media attention these days. But could Apple iOS policy be a stumbling block to mass acceptance? Ether Banned from App Store. One developer, who wished to remain anonymous, said Apple had told her unofficially that ether (ETH) was not an “approved” virtual currency under....
Apple has published rules for NFTs for the first time while clarifying rules around cryptocurrency payments and crypto exchanges. Technology heavyweight Apple has clarified its App Store rules around nonfungible tokens (NFTs) and cryptocurrency exchanges marking the first time its codified specific rules for NFTs.The new rules confirm how NFT purchases will be taxed and what they can and can't be used for, while also clarifying rules around when a crypto exchange app can be listed. The Oct. 24 update to its App Store guidelines saw language added that allows fo in-app purchases of NFTs,....
According to Section 11.17, of Apple Store Review Guidelines, Bitcoin applications are now allowed because of this line of text: “Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions”. This essentially means that apps in Apples app store may use virtual currencies if they are in line with all state and national laws that apply for that country. This is huge, as this allows countries such as USA to use blockchain or Coinbase, but still not contradict laws with....
Apple Inc. is battling with five of Australia’s banks that are seeking to negotiate collectively with Apple for access to its mobile payment technology. Over the last several months, the banks have complained Apple is not permitting access to mobile payment technology. Commonwealth Bank of Austrailia, National Australia Bank, Westpac Banking Corporation, Adelaide Bank and Bendigo have applied to the Australian Competition and Consumer Commission (ACCC) seeking approval for collective bargaining in negotiating with Apple. Apple Responds To Banks. In a submission to the ACCC, Apple gave....