Those who are in the business of selling NFTs are about to see a risky venture become a little less lucrative. Apple appears to have stepped into this matter in order to claim its piece of the NFT pie. It looks like rules are being imposed that allow Apple to take a 30 percent cut of any NFTs sold through iOS apps and the tech company is going out of its way to keep potential sellers from dodging these fees.
As noted by Apple Insider, a typical NFT marketplace will take a 2-3 percent commission. However, according to a new report from The Information, Apple is looking for a whopping 30 percent commission from any NFT deals conducted through iOS apps.
The result is that NFT traders are looking to move away from Apple's ecosystem. Startups, in particular, are noting that the exorbitant fees make it almost impossible to turn a profit. On top of that, App Store purchases must be made in U.S. dollars, since Apple does not deal in cryptocurrency. Because of the inherently volatile nature of cryptocurrency and its value, setting a translated dollar amount is exceedingly difficult.
Apple has responded to The Information's report with prompts to check the App Store rules. That suggests that the fees are high enough to potentially deter NFT sellers from Apple's platform. It's certainly not the first time we've heard about Apple's high commission fees. In fact, that's part of what led to the ongoing war between Apple and Epic Games, which continues to this day. Meanwhile, some NFT dealers are suggesting a bias against them from Apple, citing delays in approvals for NFT and Crypto apps compared to the relatively short turnaround time for approval on the Google Play store.
We'll continue to watch the world of NFTs for any further updates. Keep it on Shacknews, as we monitor this story.
Ozzie Mejia posted a new article, Apple App Store rules reportedly impose 30% commission on in-app NFT trades
I wonder how much money is actually flowing through NFTs these days. Pretty sure the market is down like 90% from peak.
Call it a gas fee and the cryptobros would bust a nut paying it.