NFT companies say Apple’s rules make the App Store ‘impossible’

AppleInsider is supported by its audience and you may earn commission as an Amazon Partner and Affiliate Partner on eligible purchases. These affiliate partnerships do not affect our editorial content.

NFT startups and trading say they’re ignoring App Store Because Apple’s rules and 30% commission makes it unacceptable to them.

Market value of NFTs – Non-replaceable code Companies – affected by the fluctuating value of cryptocurrencies. So it’s said that startups and businesses in this field would love to be on the App Store, and be able to reach a larger audience – but most won’t.

according to the informationCamel insist now That their regular commission of 30% of in-app purchases is also paid on all trades. This specifically prevented NFT startup Magic Eden from offering trading on its app, even after Apple lowered her commission 15% for companies with less than $1 million in annual income.

In the case of NFT trading between users, the typical market takes only 2% to 3% of the transaction. Under Apple’s rules, companies will lose out significantly on every deal.

However, the commission is not the only problem. the information He says a number of NFT companies have the problem that in-app purchases from the App Store must be made in dollars, or another physically backed currency. Cryptocurrencies are not accepted.

Since the cryptocurrency exchange rate varies greatly, developers cannot only set the dollar equivalent.

This issue “makes it really hard to price it because you have to dynamically program all these values,” Arthur Sabintsev of Pocket Network told the publication on the blockchain.

Sabintsev said he advised one of his customers to allow users to purchase in-app coins in the same way that some games do. They buy the currency, that transaction is up to 30% off Apple, and then spend it within the app on deals.

Specifically, selling NFTs within apps is a particular problem.

“The situation seems to be that Apple doesn’t really want it [App Store] Users should be able to buy or sell NFTs,” said Alexei Valin, CEO of Rarible Marketplace for NFT startups.[It’s] It’s almost impossible because it’s fixed subscriptions or fixed prices.”

Supporting this view may be the way Apple is said to be delaying approval of NFT and encryption apps for the App Store. According to Fallen, it took several months to get Rarible on the App Store, compared to just days for the Google Play Store.

This means that such apps access the Store, but they generally seem to act as showcases for their services. Actual sales or transactions are directed to a browser website, rather than being made in the app.

It is said that Apple did not specifically address the issue of NFT application delays with the informationInstead, they said 500 reviewers checked 90% of the apps within 24 hours. Apple also declined to comment on other NFT criticisms, instead directing the posting to the App Store’s general rules.