Thursday, December 8, 2022

Tech Giant Apple to Keep Charging 30% on In-App NFT Purchases

Following several calls for tech giant Apple to desist from charging its 30% “Apple Tax” on non-fungible tokens (NFTs), it appears that the firm is not ready to budge.

While Apple did not technically ban NFT activities on its platform, its stringent fee policies had somewhat placed some kind of limitations on creators and marketplaces.

However, on Monday, the iPhone maker listed its rules for iOS apps that will support NFTs. And for the first time, Apple has officially approved in-app NFT minting as well as buying and selling.

NFT Creators Withdrawn About Apple Tax As Firm Shares Policy Updates

Going by Monday’s announcement, Apple will continue to demand a 30% share of in-app NFT transactions. This is because the said transactions must use Apple’s rails for in-app commerce. 

But as earlier reported by The Information, Apple’s high fee policies are driving creators and marketplaces away from its ecosystem. In fact, some are opting to not go in the line of integrating NFTs at all, to avoid the costs.

Despite their reservations, however, some creators do not entirely mind. They would rather limit in-app NFT activities than lose the chance to make massive revenue.

The Monday announcement is the first time Apple is giving clear guidelines regarding NFT-based activities on its platform. And among its rules is banning apps from offering exclusive access to NFT owners. It also bans apps from linking their users to third-party sites where they can do their NFT business. These bans are certainly understandable given that they might provide a way for users to boycott the Apple ecosystem and evade the Apple Tax.

It is worth mentioning that Apple’s existing policies already allow in-app crypto trading on exchanges such as FTX and Coinbase. Interestingly, users do not have to pay the 30% fee for those services. However, it has updated its policy regarding them based on regulatory approvals that are dependent on the regions where they are to be used.

Overall, the high fees will undoubtedly impact NFT activities on the Apple platform and hopefully, there will be a policy review to make things a bit easier for creators in the future.

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