The giant tech firm, Apple, has yet again reviewed its controversial stance on non-fungible tokens. This time around, the tech firm has published newly updated guidelines featuring direct terms surrounding NFTs.
Apple Issues New Updates On NFTs
According to Apple Insider, the tech giant codified its rules for iOS apps that handle NFTs on October 24. The tech firm issued its first formal green lights on offering in-app NFT minting, buying, and selling. The new guidelines read:
“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring.”
Unfortunately, under the reviewed updates, the tech firm has upheld its 30% Apple Tax on in-app crypto purchases and peer-to-peer NFT trading despite numerous calls from the crypto community to exempt it.
Apple Bans NFT Usage On Unlocking Content
In addition to the tax policies, Apple has banned apps from using non-fungible tokens to unlock content or additional features. Apple has clarified that its app will only allow users to view their NFTs, provided that NFT ownership does not unlock features or functionality within the app. The guidelines added:
“Apps may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and crypto wallets.”
According to industry experts, the imposed limitation in the new guidelines may deter users from further purchasing NFTs, which they sometimes use to unlock token-gated content.
The Moonbirds NFTs and Bored Ape Yacht Club (BAYC) NFTs are perfect examples, which are likely to feel the impact of the new policies. These NFT collections offer its NFT holders exclusive access to various communication channels, merchandise, and other such perks.
Last month, The Information outlined how Apple’s 30% fee policies were chasing NFT marketplaces and creators away from its ecosystem and sometimes forcing them to abandon NFT integrations outright. In the same context, the new guidelines are anticipated to make the situation even more severe.
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