Saturday, December 3, 2022
HomeLaw & PoliticsApple Rejects Requests To Exempt NFTs From 30% "Apple Tax"

Apple Rejects Requests To Exempt NFTs From 30% “Apple Tax”

On Monday, the tech giant Apple defined its regulations for iOS applications that handle non-fungible tokens. As part of this process, Apple gave its first official approval allowing in-app NFT minting, buying, and selling, which were all things it had never really stopped people from doing. Also, the company rejects the requests to exclude NFTs from the “Apple Tax” of 30% that it applies to in-app purchases.

However, it is probable that Apple will continue to enforce its de facto restriction on trading non-fungible tokens in app stores. This is due to the fact that in-app NFTs transactions are required to utilise Apple’s rails for in-app commerce, and Apple requires a 30% share of each transaction. Creators and marketplaces have been refusing to pay the fees for a long time. Instead, they have limited how in-app NFTs work rather than risk losing a big chunk of their income.

A month ago, The Information published an article about how Apple’s pricing rules are discouraging artists and markets from joining its ecosystem and, in some cases, even making them give up on NFT integrations altogether. Since Apple’s “in-app purchase” feature doesn’t support cryptocurrency transactions, it seems unlikely that apps that want to offer NFT mints will be able to accept cryptocurrency in exchange for their services.

The changes that were made on Monday are the first time that Apple has set clear restrictions for NFTs under the standards for its App Store.

The new regulation prohibits applications from allowing exclusive access to NFT owners and from referring their users to third-party sites where they may buy, sell, and mint outside of the Apple ecosystem. This lets people avoid paying the price that people make fun of by calling it the “Apple Tax.”

A new policy prevents developers from profiting or attempting to gain profit from recent events such as wars, terrorist acts, or epidemics. The new restrictions go into place to reduce speculators’ attempts to gain through short-term buying and selling from digital assets which results are beneficial for the company’s long term plan.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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