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Startup and trading NFT firms say they ignore the App Store because Apple’s rules, and 30% commission, make it untenable for them.
The market value of NFTs — non-fungible token firms — has been affected by the volatile value of cryptocurrency. So startup and trading companies in the field would reportedly love to be on the App Store, and so able to reach a bigger audience — but most won’t do it.
According to The Information, Apple is now insisting that its regular 30% commission from in-app purchases be also paid on all trades. This has specifically stopped NFT startup Magic Eden from ever offering trading on its app, even after Apple reduced its commission to 15% for firms earning under $1 million annually.
In the case of NFT trading between users, a typical marketplace takes just 2% to 3% of the transaction. Under Apple’s rules, companies would lose heavily on every deal.
However, it’s not just the commission that’s an issue. The Information says that a number of NFT firms have the issue that App Store in-app purchasing must be done in dollars, or another physically-backed currency. It does not accept cryptocurrency.
Since the cryptocurrency exchange rate varies enormously, developers can’t just set an equivalent in dollars.
Arthur Sabintsev from blockchain company Pocket Network, told the publication that this issue “makes it really hard to price it because you have to program all these values in dynamically.”
Sabintsev said that he has advised one of his clients to allow users to buy in-app currency in the same way that some games do. They buy the currency, and that transaction nets Apple 30%, then they spend it in-app on deals.
Specifically, selling NFTs within apps is particularly problematic.
“It feels like the position is that Apple doesn’t really want [App Store] users to be able to purchase or sell NFTs,” said Alexei Falin, CEO of NFT startup marketplace Rarible. “[It’s] almost impossible because it’s fixed subscriptions or fixed prices.”
Perhaps backing up that opinion is how Apple reportedly delays approving NFT and crypto apps for the App Store. According to Falin, it took several months to get the Rarible app onto the App Store, as compared to mere days for the Google Play Store.
This does mean that such apps are getting on to the store, but it seems they are generally acting as showcases for their services. Actual sales or transactions are being routed out to a browser site, rather than being done-in app.
Apple reportedly did not specifically address the issue of NFT app delays with The Information, and instead said its 500 reviewers check 90% of apps within 24 hours. Apple also declined to comment on the other NFT criticisms, instead directing the publication to the App Store’s general rules.
The market value of NFTs — non-fungible token firms — has been affected by the volatile value of cryptocurrency. So startup and trading companies in the field would reportedly love to be on the App Store, and so able to reach a bigger audience — but most won’t do it.
According to The Information, Apple is now insisting that its regular 30% commission from in-app purchases be also paid on all trades. This has specifically stopped NFT startup Magic Eden from ever offering trading on its app, even after Apple reduced its commission to 15% for firms earning under $1 million annually.
In the case of NFT trading between users, a typical marketplace takes just 2% to 3% of the transaction. Under Apple’s rules, companies would lose heavily on every deal.
However, it’s not just the commission that’s an issue. The Information says that a number of NFT firms have the issue that App Store in-app purchasing must be done in dollars, or another physically-backed currency. It does not accept cryptocurrency.
Since the cryptocurrency exchange rate varies enormously, developers can’t just set an equivalent in dollars.
Arthur Sabintsev from blockchain company Pocket Network, told the publication that this issue “makes it really hard to price it because you have to program all these values in dynamically.”
Sabintsev said that he has advised one of his clients to allow users to buy in-app currency in the same way that some games do. They buy the currency, and that transaction nets Apple 30%, then they spend it in-app on deals.
Specifically, selling NFTs within apps is particularly problematic.
“It feels like the position is that Apple doesn’t really want [App Store] users to be able to purchase or sell NFTs,” said Alexei Falin, CEO of NFT startup marketplace Rarible. “[It’s] almost impossible because it’s fixed subscriptions or fixed prices.”
Perhaps backing up that opinion is how Apple reportedly delays approving NFT and crypto apps for the App Store. According to Falin, it took several months to get the Rarible app onto the App Store, as compared to mere days for the Google Play Store.
This does mean that such apps are getting on to the store, but it seems they are generally acting as showcases for their services. Actual sales or transactions are being routed out to a browser site, rather than being done-in app.
Apple reportedly did not specifically address the issue of NFT app delays with The Information, and instead said its 500 reviewers check 90% of apps within 24 hours. Apple also declined to comment on the other NFT criticisms, instead directing the publication to the App Store’s general rules.
So, crypto is unstable, NFTs are a scam, and Apple wants rent paid. Awwwwww. Unfair…
Well this is this wonderful thing called the internet. They seem to forget that all smartphones have the ability to connect to the internet and have internet browsers. So all they need is a functional website. In 2 moves someone who actually wanted to go to theirs it’s could create a bookmark on the desktop of their phone, that would function just like an app. They don’t need an app to swindle people out of money.
Isn’t crypto like legalized gambling? Stock market companies don’t appear to be complaining so suck it up and pay to use Apple products.
Excellent. Chalk one up in the App Store benefits column.
Crypto technologies including cryptocurrencies are old technologies dressed for the modern age. They do and will make activities possible that are currently not and have huge potential for good, such as a means of personal privacy in public and corporate spaces that is currently not possible. NFTs have in many cases earned a justifiably poor reputation, however, they permit quite admirable use cases too. The cat is out of the bag and isn’t getting shoved back in…
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Apple has reached the fourth builds of iOS 16.1 and tvOS 16.1, and has handed them over to developer beta testers alongside a fifth for iPadOS 16.1.
It doesn't look as if Photos changed much in iOS 16, but there are many more options and controls that you will come to rely on. Here's how to get the most out of it.
Apple's Adaptive Transparency feature of the AirPods Pro 2 won't be retrofitted into the original model, with the inclusion of the feature in an iOS 16.1 beta said to be a mistake.
The iPhone 14 and iPhone 14 Plus have a camera system that's simple on the surface, and complex underneath. Here's how to get the most out of it.
Apple's second generation of AirPods Pro are now in customers' hands. Here's how the new model compares to the first generation.
Sonos's new, more affordable subwoofer is designed to boost the low frequencies on your existing speakers. We've tested it the last few weeks to see if it earns its place in the Sonos lineup.
Apple's Dynamic Island is a new feature found front and center on the new iPhone 14 Pro. Here are all the apps, system notifications, and other alerts that appear so far in this unique blend of software and hardware.
There is an incredibly capable Camera and app on the all-new iPhone 14 Pro and iPhone 14 Pro Max. Here's how to get the best shots possible.
The second-generation Apple Watch SE upgrade is the ideal starter Apple Watch, and the best choice for parents who want their child to have one.
The OWC Envoy Pro mini thumb drive's latest version embraces the aluminum-clad USB-C future, providing a nice balance of performance and size for tech professionals on the go.
The new Apple Watch Ultra packs features tailored for athletes and extreme conditions. It does an exceptional job but still has room to grow.
Apple's second-generation AirPods Pro are better than the original in almost every way thanks to the more powerful H2 processor in a familiar form-factor.
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