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Startup and trading NFT firms say they ignore the App Store because Apple’s rules, and 30% commission, make it untenable for them.
The market value of NFTs — non-fungible token firms — has been affected by the volatile value of cryptocurrency. So startup and trading companies in the field would reportedly love to be on the App Store, and so able to reach a bigger audience — but most won’t do it.
According to The Information, Apple is now insisting that its regular 30% commission from in-app purchases be also paid on all trades. This has specifically stopped NFT startup Magic Eden from ever offering trading on its app, even after Apple reduced its commission to 15% for firms earning under $1 million annually.
In the case of NFT trading between users, a typical marketplace takes just 2% to 3% of the transaction. Under Apple’s rules, companies would lose heavily on every deal.
However, it’s not just the commission that’s an issue. The Information says that a number of NFT firms have the issue that App Store in-app purchasing must be done in dollars, or another physically-backed currency. It does not accept cryptocurrency.
Since the cryptocurrency exchange rate varies enormously, developers can’t just set an equivalent in dollars.
Arthur Sabintsev from blockchain company Pocket Network, told the publication that this issue “makes it really hard to price it because you have to program all these values in dynamically.”
Sabintsev said that he has advised one of his clients to allow users to buy in-app currency in the same way that some games do. They buy the currency, and that transaction nets Apple 30%, then they spend it in-app on deals.
Specifically, selling NFTs within apps is particularly problematic.
“It feels like the position is that Apple doesn’t really want [App Store] users to be able to purchase or sell NFTs,” said Alexei Falin, CEO of NFT startup marketplace Rarible. “[It’s] almost impossible because it’s fixed subscriptions or fixed prices.”
Perhaps backing up that opinion is how Apple reportedly delays approving NFT and crypto apps for the App Store. According to Falin, it took several months to get the Rarible app onto the App Store, as compared to mere days for the Google Play Store.
This does mean that such apps are getting on to the store, but it seems they are generally acting as showcases for their services. Actual sales or transactions are being routed out to a browser site, rather than being done-in app.
Apple reportedly did not specifically address the issue of NFT app delays with The Information, and instead said its 500 reviewers check 90% of apps within 24 hours. Apple also declined to comment on the other NFT criticisms, instead directing the publication to the App Store’s general rules.
So, crypto is unstable, NFTs are a scam, and Apple wants rent paid. Awwwwww. Unfair…
Well this is this wonderful thing called the internet. They seem to forget that all smartphones have the ability to connect to the internet and have internet browsers. So all they need is a functional website. In 2 moves someone who actually wanted to go to theirs it’s could create a bookmark on the desktop of their phone, that would function just like an app. They don’t need an app to swindle people out of money.
Isn’t crypto like legalized gambling? Stock market companies don’t appear to be complaining so suck it up and pay to use Apple products.
Excellent. Chalk one up in the App Store benefits column.
Crypto technologies including cryptocurrencies are old technologies dressed for the modern age. They do and will make activities possible that are currently not and have huge potential for good, such as a means of personal privacy in public and corporate spaces that is currently not possible. NFTs have in many cases earned a justifiably poor reputation, however, they permit quite admirable use cases too. The cat is out of the bag and isn’t getting shoved back in…
Apple has released iOS 16.0.2 with a fix for the iPhone 14 Pro camera shaking bug found in third-party camera apps, and additional fixes for the "allow paste" pop-up.
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Apple has released iOS 16.0.2 with a fix for the iPhone 14 Pro camera shaking bug found in third-party camera apps, and additional fixes for the "allow paste" pop-up.
An Apple Mail bug in iOS 16 means that an incoming email with a specifically crafted "From" field can lock users out of the app, but there is a solution.
A class action suit has been filed against Meta, claiming that Facebook and Instagram iOS apps circumvented App Tracking Transparency in order to illegally continue tracking users without permission.
Apple's Dynamic Island is a new feature found front and center on the new iPhone 14 Pro. Here are all the apps, system notifications, and other alerts that appear so far in this unique blend of software and hardware.
There is an incredibly capable Camera and app on the all-new iPhone 14 Pro and iPhone 14 Pro Max. Here's how to get the best shots possible.
Apple has released watchOS 9 to millions of Apple Watch users and with it come a wide array of new features. Here's what's new in this substantial update.
Apple's iPhone 14 Pro and iPhone 14 Pro Max have arrived. Here's how they stack up versus the iPhone 13 Pro and Pro Max.
Chargers using gallium nitride offer high wattages in a compact size. Here are some of the best options on the market to recharge your iPhone 14, iPad, Mac, and other Apple devices.
Apple Watch Series 8 is a jack of all trades for your average user, though a lack of new features is a bit more apparent than in years past.
The iPhone 14 Pro Max iterates on Apple's already spectacular flagship product with a 48MP camera, always-on display, and whimsical Dynamic Island.
At a glance, the iPhone 14 is indistinguishable from the iPhone 13, but camera improvements and extended battery life give it a shot to win over long-time upgrade holdouts.
The iPhone 14 Pro adds an always-on display, 48MP camera, and a new user interface paradigm to an already outstanding smartphone line — but the already excellent iPhone 13 Pro looms large.
Less an overhaul and more refining what's already in place, iOS 16 is all about personalization on top of a retained solid foundation.
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