Apple already allows NFTs on the App Store, but on one condition…

News hardware Apple already allows NFTs on the App Store, but on one condition…

While the Apple brand has remained discreet so far about non-fungible token technology (NFT), it is already accepting the new technology on the App Store. However, there is a downside…

The behemoths of NFT are already present on the App Store

Although Apple does not seem very sensitive about NFT, several companies in the sector have their application on iOS. Among them are NFT resale purchase marketplaces like Opensea, or even play-to-earn games that integrate avatars in the form of virtual tokens like Axie Infinity.

Opensea

However, very few of them offer the possibility of buying NFTs directly from the application. Indeed, the purchase of non-fungible token (NFT) will cost too much through an application on iOS.

In this sense, several giants in the sector still do not offer this type of functionality via their application on the iPhone and other Apple products.

Buying an NFT on an App Store app is too expensive

Magic Eden, a famous NFT marketplace, recently explained the significant constraints related to its application on the App Store. The company making NFT works available from multiple creators wants to develop in-app purchases, however it is encountering some major difficulties.

Apple accepts purchases and sales of NFTs only if the transactions are made using Apple’s in-app purchases feature. That is to say, purchases must be made in fiat currency and not in cryptocurrency.

A limiting factor as we know, the NFT market is largely correlated to the crypto sector. And for good reason, to obtain an NFT, it is necessary to exchange cryptocurrency such as Ethereum, Solana or others, depending on the blockchain on which the NFTs are based. Given the volatility of cryptos, it is therefore impossible for a developer to set a price in euros or dollars on NFTs.

In addition, Apple has indicated that this type of purchase is also subject to 30% on each in-app transaction. For comparison, this is 10 times more than on a decentralized marketplace using crpytos as a means of payment.

“Apple explained to startups that they had to sell NFTs through in-app purchases, forcing many companies to limit the functionality of their apps to avoid fees of up to 30% of transactions, even when startups only facilitate exchanges. reports Aidan Ryan on Twitter.

The actors of the sector judge the amount of commission is too high and thus does not allow to integrate the direct purchase of NFT. Among other things, start-ups specializing in NFTs would not be profitable as a result of Apple’s obligations.

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Apple already allows NFTs on the App Store, but on one condition…


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