Apple’s latest update hurt the NFT market and is likely going to slow down the NFT adoption rate of NFTs big time. Some days ago, Apple released an update through which they implemented a 30% store fee for any in-app purchases related to non-fungible tokens. Experts consider this a big mistake from Apple, claiming that this move could hurt the company in the future. Acknowledging NFTs as a way to privatize digital content and Apple as a pillar of technological advancements, this decision was not expected.
Apple informed the public regarding this possible change prior to the update. Nevertheless, most people were sure that this company would not put the decision into effect. Well, in contrast to these beliefs, Apple implemented its decision in the newest update. Now, every NFT sold using an app on an iOS device is exposed to a 30% store fee.
Despite the fact that this decision will hurt the NFT market and its exposure to Apple’s users, it helps us understand the importance of one thing – decentralization. Because Apple wants to have control of its own market, which is understandable, it is limiting NFT marketplaces’ scope of operations. Nevertheless, this decision also lowers the risk of NFT scams circling around the App Store, making it more expensive for people to run a scam or a fraudulent project.
Apple has released new rules for crypto apps (with a focus on web3 games).
Here’s the TL;DR:
-Games can enable NFT buying
-In-app purchases only
-No unlocking features with NFTsThis essentially means everything stays in the Apple ecosystem.
What’s your take? pic.twitter.com/ki7BMHW3MS
— nft now (@nftnow) October 25, 2022
Apple’s Approach Towards Cryptocurrencies
As cryptocurrencies and blockchain technology are being adopted rapidly in the mainstream world, companies such as Apple are making sure to catch up with these developments. Back in 2021, Apple opened several positions for crypto specialists, mentioning blockchain development as a factor in the company’s future.
Nevertheless, Apple is yet to embrace the full scope of the blockchain industry. Until today, this company has taken several measures against blockchain technology. Last year, Apple changed its privacy policy and disallowed Web3 and DeFi apps to use an In-App browser. This made it harder for people to purchase non-fungible tokens through their iPhones.
We believe that Apple, as well as other major companies, are going to open up to cryptocurrencies sooner or later. However, because this market is unregulated, they are being extra careful when it comes to implementing it in their platforms. So, as mainstream adoption continues, companies such as Apple will continue to search for safe ways to implement blockchain so that it can benefit them and their users.