Apple bans the use of NFT in its App Store

Apple has banned apps in its App Store from using non-fungible tokens (NFT). According to reports, the move is aimed at discouraging NFT buyers and sellers from transacting in the app. Apple also wants these companies to operate outside of the company’s scope.

By prohibiting the use of NFTs on its App Store, Apple could also exempt these digital assets from its 30 percent App Store tax. Guidelines posted on the tech giant’s App Store Review suggest that its position on NFTs is here to stay. Apple says that while NFTs can exist in App Store apps, they can’t unlock additional features or content. Part of the published guidelines reads:

“Apps may use in-app purchase to sell and market non-fungible token (NFT) related services, such as typing, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality in the app.”

In addition, the California-based multinational technology company also states:

“Apps may allow users to browse collections of NFTs owned by others, provided that apps may not include buttons, external links, or other calls to action that direct customers to purchase mechanisms other than in-app purchases.”

New guideline updates crystallize Apple’s position on App Store NFTs

The updated guideline is the first specific codified set of rules governing NFTs on Apple’s App Store. Last month, The Information reported that the tech giant’s pricing policies were keeping creators and marketplaces out of its ecosystem. This led these groups to give up on integrating NFTs altogether.

Some game publishers are still cautious about web3 integrations. @Ubisoft has walked back on their initial bullish comments towards NFTs. @Apple seems to be sticking with its 30% tax on in-app #NFT purchases, despite likelihood that it will limit web3 adoption.

– Galaxy (@galaxyhq) October 24, 2022

The 30% commission Apple currently charges for in-app commerce, including NFT-related transactions, has also come under fire. According to a message from Galaxy on TwitterApple continues to collect this fee, even if it limits the adoption of Web3.

In addition, several NFT startups have also disapproved of the commission.”high” from Apple on NFT transactions. The perceived imbalance becomes even more apparent when one considers that marketplaces charge about one-tenth of that percentage, according to these aggrieved companies. As NFT transaction volumes have declined in recent months, the creators of the space are trying to implement more ingenious ways to market digital assets. These include adding additional features to increase demand and revenue.

Apple’s policy also means that some users may have to turn to other, cheaper marketplaces to conduct their NFT business.

Apple consumer electronics hardware new and upcoming

Apple recently unveiled new iPad pro models as well as an update to its Apple TV 4K. In addition, the company also announced plans to launch a new iPad dock that would complement the tablet’s operability. In essence, the iPad will be able to switch between tablet and smart screen depending on the user’s preferences.