Apple Allows NFT Sales Application on App Store With 30% Fee

Apple Allows NFT Sales Application on App Store With 30% Fee
  • Standard NFT markets like OpenSea and Magic Eden often only take a 5% fee.
  • The company has no plans to enter the cryptocurrency or NFT markets.

The use of non-fungible tokens (NFTs) has been gaining traction in the cryptocurrency market, with support coming from both smaller startups and large multinational corporations. The most recent update concerns the Apple App Store’s acceptance of applications that offer NFT sales.

Exorbitant Fees Charged

Developers of both new and current applications selling NFTs on the App Store have been given the green light by Apple. However, there is a catch: Apple will impose a high charge of 30% on all NFT transactions completed inside the applications.

The high cost of employing this function on the App Store may discourage development efforts, game developers, and app creators. This is due to the fact that standard NFT markets like OpenSea and Magic Eden often only take a 5% fee, making their offering comparably insignificant.

The Information reports that the NFT firm Magic Eden has chosen to remove its apps from the iOS App Store. And this is despite the fact that Apple has lowered its fee to 15% for businesses with yearly sales of less than $1 million.

Even though NFT sales through App Store applications are now permitted, Apple will not be taking cryptocurrency just yet. And the company has no plans to enter the cryptocurrency or NFT markets. One possible explanation is that they don’t want to face the same regulatory scrutiny as their former social media competitor Meta (formerly Facebook).

Some speculated that Apple might unveil NFT trading cards at one of their developer conferences in June. Unfortunately, it was never realized.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.