It might be a little harder to be profitable for both NFT and cryptocurrency apps attempting to operate on Apple devices. Apple has revised its app store guidelines, and notable among said guidelines are some new rules relating to cryptocurrency and NFT sales, services, and exchange on the platform. From here on out, NFTs will be forced to use in-app purchases for sales and services to remain on the platform, through which Apple will exercise its usual 30 percent cut.
Apple posted the latest revision to its App Store guidelines on October 24, 2022, as spotted by CNBC. According to the new rules, apps that trade and sell NFTs and services related to them are now required to utilize in-app purchase for said transactions. Other addendums to the rules are related to locking content behind paywalls and operations that would take users to purchase services outside the app, essentially aiming to bypass Apple’s system.
Apple’s new rules don’t stop at NFT apps and services. The guidelines also include new rules for cryptocurrency apps and services as well.
“Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange,” states the guidelines.
The rule regarding cryptocurrency would seem to imply a crackdown on cryptocurrency services operating in countries where they are unlawful. China has cracked down heavily on cryptocurrency, so this may be Apple covering its rear as a liability there and in similar countries that have restricted cryptocurrency exchange.
The longstanding effect of Apple’s rule changes may serve to be further trouble for NFTs and cryptocurrency, both markets of which have cooled down a bit amid various financial and legal troubles. That said, it hasn’t stopped innovators in said markets from attempting to grow the technology related to them. Stay tuned as we continue to watch for further updates in the NFT and crypto space.