Apple Store Now Enables The Sales Of Nonfungible Tokens

Tech giant Apple Inc. has opened its doors for developers to sell non-fungible tokens (NFTs) within apps and games. This comes despite Apple having fees and limitations attached to certain types of NFTs. Earlier this week, Apple Store also enabled sales of NFTs on the Trust Wallet App.

Apple Still Charges Up To 30% In Commission

Following the announcement, users are now able to offer and exchange their tokens using different Apple App Store apps. Before now, Apple considers it a violation of its policies when apps retain or show NFTs.

In September last year, Apple sent a warning to Gnosis Safe, a crypto wallet that allows users to keep and trade ETH digital products. The tech giant notified the platform that its app will be taken down from the App Store for promoting the sale of NFTs on its store. Apple advised Gnosis to remove the functionality to prevent being delisted.

While Apple allows developers to monetize by selling NFTs, the platform charges similar fees for other Software Store Purchases to NFT transactions. It charges 30% on developers and creators that generate over $1 million a year on the App Store while those that generate lesser are charged a 15% commission.

Apple has also given applications the freedom to mint, display, display, or trade NFTs. Apps are allowed to advertise other NFT services as long as they do not allow media purchases or give redirect links that bypass Apple’s payment method.

It also allows them to examine their NFT stockpiles as long as they don’t activate additional app capabilities or gaming elements.

Apple Is Gradually Warming Up To Blockchain Technology

While Apple is one of the largest tech giants in the world, the company is doing little to adopt blockchain technology. However, the recent development, although still slow, has shown that Apple is gradually turning its attention to blockchain technology.

But Apple’s heavy commission on the NFT platforms on the App Store has received a lot of backlash from the crypto community. It’s a contrast from other NFT markets such as Magic Eden and OpenSea. While Apple has kept its commitment to over 15%, other platforms have placed a threshold of between 2.5% and 5%.

Chief Executive Officer of Epic Games, Tim Sweeney, stated that Apple is suppressing another new technology that could grow to become a major rival to its overpriced in-app payment services.