Apple to pocket 30% of NFT purchases on apps

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Updated October 26, 2022 | Published October 26, 2022

2 mins read

Blockchain enthusiasts and gamers alike are unimpressed with the extensive list of rules set by the giant electronics software corporation.

Technology giant Apple has outlined a new set of rules concerning the purchases of non-fungible tokens (NFTs) and cryptocurrencies on its App Store.

The multinational company will now enable the purchase of NFTs through its iPhone devices. However, a 30% cut of the transaction will be taken for every digital collectible purchase made.

Released on Monday, October 23, in an update on its App Store guidelines for the buying and selling of crypto within its apps, the new rules outline cryptocurrency and NFT trading.

Users can now view their own NFTs “provided that ownership does not unlock features or functionality within the app”.

When browsing NFT collections owned by others, users can do so but only on the basis that the apps do not include “buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase”.

Such large cuts and restrictions have been criticized by app makers and have curbed the attraction and enthusiasm of gamers.

Blockchain fanatics are reported to have said that such extensive rules will limit the allure of the new technology from the global corporation.

In regards to Apple supporting cryptocurrencies, the new rules stand as a go-ahead for apps to now “facilitate transactions or transmissions of cryptocurrency on an approved exchange”, given they are offered in countries which hold the appropriate permissions and relevant licencing to provide a crypto exchange.

 

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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