Apple decides to allow NFTs buy-sell but at 30-35% commission

iPhone mobile producer Apple Inc. decided to allow NFTs activities in its Apple ecosystem but decided to impose very high commission fees which degraded the interest in NFTs projects.

Apple Inc. is an American international tech company, which focuses on manufacturing electronics, software, and online services. This giant tech company is headquartered in Cupertino, California, United States. The company is mainly known for its iPhone smartphones.

On 23 September, The Information reported that Apple told the NFTs focussed startup that they could launch NFTs trade app on Apple Store but NFTs sales will be allowed via in-app purchases. 

So basically, the whole financial activities linked with the NFTs trade will be restricted in the Apple ecosystem and Apple will charge a total of 30% commission as a middleman actor.

Apple has told startups it must sell NFTs through in-app purchases, forcing many startups to limit functionality in apps to dodge fees up to 30% of the transaction, even when the startups are only facilitating the trades. My latest for @theinformation https://t.co/2pKamhLmCp

— Aidan Ryan (@aidanfitzryan) September 23, 2022

In some regions, Apple will charge 35% as a commission fee, despite Apple playing no part in facilitating those transactions outside of accepting a respective app’s presence in the App Store. In short, Apple is planning to generate huge revenue without any actual practical involvement in the NFTs sector.

Tim Sweeney, CEO of Epic Games, responded to this plan of Apple and said that Apple is killing all the blockchain NFTs-based project businesses and suggested the iPhone manufacturer stop doing such work.

Now 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. Apple must be stopped. https://t.co/4KChp6jtFZ

— Tim Sweeney (@TimSweeneyEpic) September 23, 2022

In the past, it has been seen, Apple never showed direct involvement in the crypto sector but still, many crypto projects established partnerships with Apple’s payment digital wallet “ApplePay” to allow easy use of Apple payment for crypto purchases and also to allow crypto cards use in ApplePay app.

In November of last year, Tim Cook, CEO of Apple, said that he owned crypto assets but didn’t disclose which crypto he purchased.

Cook said:

“I think it’s reasonable to own (crypto) as a part of a diversified portfolio”.

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