Apple To Offer NFTs on IOS for a 30% Commission on Sales
2022.09.26 05:08
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Budrigannews.com – Apple To Offer NFTs on IOS for a 30% Commission on Sales
- Apple (NASDAQ:) App Store reportedly imposes 30% commission on in-app NFT trades
- NFT startups are citing these commission fees as impossible to work with.
- However, Gabriel Leydon, the CEO of web3 company Limit Break, supports the move.
According to a recent report from the publisher The Information, the Apple App Store will soon permit third-party applications to sell non-fungible tokens (NFTs) on its platform.
The move, however, comes with some hefty costs, as the tech giant plans to maintain this pattern and impose a 30% commission for all NFT apps sold through iOS.
The company’s 30% commission appears exorbitant to project, app, and game owners who are used to paying a maximum of 5% in commissions on sales through marketplaces like OpenSea and Magic Eden. This fee could likely discourage them from using this platform.
According to The Information, NFT startup Magic Eden has chosen to stop offering its products and services through the iOS App Store. Despite Apple lowering its commission to 15% for businesses with a yearly turnover of less than $1 million.
However, not everyone is worried about the fees. Gabriel Leydon, the CEO of web3 company Limit Break, sees the bright side of the development.
Leydon said via a tweet:
Everyone is focusing on apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every single mobile game onboarding 1B+ players!
“I will happily give Apple a 30% cut of a free NFT,” he added.
Apple may now permit NFT sales through the App Store, but the corporation still doesn’t accept cryptocurrency. In addition, Apple is avoiding direct involvement in the crypto and NFT space. One plausible explanation is that they don’t want to attract the attention of regulators like what happened to Meta (formerly Facebook (NASDAQ:)).
However, there were reports in June this year that speculated Apple would issue NFT trading cards at one of their developer conferences. However, it never materialized.
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