Arslan Butt
The conditions imposed by Apple levy a 30% tax on all NFT purchases made through App Store apps, eliciting conflicting reactions from the Web3 and Web2 communities.
A recent post highlighting Apple’s policy of imposing a 30% commission on all NFT trades conducted through apps listed in the App Store has triggered a flurry of outraged articles throughout Web3.
Apple has decided to let developers sell NFTs inside of games/apps. Everyone is focusing on apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every single mobile game onboarding 1B+ players! https://t.co/BPJj3gD5r2
— Gabriel Leydon (FREE,OWN) (@gabrielleydon) September 23, 2022
Since Apple does not support purchases made with cryptocurrencies or denominating NFTs in their original cryptocurrencies, listing and trading NFTs on the Apple Exchange is challenging.
What is NFT?
Non-fungible tokens, as the name implies, are non-fungible tokens that may be purchased and traded. NFTs have been growing in popularity day by day. These NFTs are unique; unlike other cryptographic assets, they cannot be bought or swapped similarly.
Some NFTs have been sold for millions of dollars and attracted the interest of others in learning how to make an NFT token. Still, ownership is limited to a single person, and anybody using them can be sued for copyright violations.
Non-fungible tokens (NFTs) are making rapid inroads into the crypto market, and even global IT giants are warming up to them. This was witnessed after Apple, the IT giant, granted authorization for NFTs to be sold and purchased on the App Store and within apps as in-app purchases.
Apple has approved specific apps to sell NFTs in-app. This enables existing app developers to sell non-fungible tokens in-app and new app developers to include NFTs.
Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped. https://t.co/4KChp6jtFZ
— Tim Sweeney (@TimSweeneyEpic) September 23, 2022
Apple’s 30% Tax & No Cryptos
There are two caveats.
- The first is that the Tech Giant will take a 30% cut from app developers earning more than $1 million per year on the App Store and a 15% cut from those earning less. This restriction does not apply only to the App Store; the Android Play Store follows the same rules. Applications that sold or stored NFTs previously violated Apple’s standards, but with this innovation, developers can sell NFTs without fear of being labeled out.
- Secondly, the second catch is illogical, as it forbids using any cryptocurrency for transactions, only USD.
Tim Sweeny, CEO of Epic Games, Fortnite’s parent company, stated in a tweet that Apple must be prevented from carrying out this threat. He said the 30% cut will make it more expensive for certain businesses and may force some small NFT operations out of business.
Besides collecting a 30% Apple Tax on developer revenue, Apple is adding a 30% Apple Tax on sales tax due to the Korean government. Story (Korean):https://t.co/5BYjfQbZbq
— Tim Sweeney (@TimSweeneyEpic) September 27, 2022
According to experts and the majority of the general public, these two catches are extremely unfair and may cause concern for many people. As a result, Apple would be better off simply removing the latter.
Related news:
- McLaren Launches NFTs Prior To Singapore & Japan’s Grand Prix
- Apple Deletes Russia’s Largest Social Network VK from its App Store
- Best Spot NFT Drops And Collectibles In 2022
- New NFT Projects For 2022
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption
This article was written for Business 2 Community by Arslan Butt.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.