NFT startup leaves Apple App Store due to high commissions, strict rules

Technology News Desk !!!Fungible Token (NFT) trading startups do not want to sell their products through the Apple App Store, as 30 per cent commission on in-app purchases and other stringent rules will eliminate them. A report by The Information According to Apple, Apple is insisting that its regular 30 percent commission from in-app purchases should also be paid on all trades. This prevented NFT startup Magic Eden from offering trading on its app, even though Apple reduced its commissions to 15 percent for firms earning less than $1 million annually. The report noted, however, that so far most see some constraints, including commissions Apple charges up to 30 percent on in-app purchases, as well as pricing conventions, which are difficult to enforce on volatile digital assets. A typical NFT marketplace charges just 2-3 per cent of the transaction. Furthermore, since the App Store in-app purchases must be made in dollars or other currencies, it does not accept cryptocurrencies. Arthur Sabintsev of the blockchain firm Pocket Network was quoted as saying that it is in fact the key to setting its price. This makes it difficult in the U.S., because you have to program all of these values ​​dynamically. It seems that the situation is that Apple doesn’t really want (App Store) users to buy or use NFTs, said Alexey Falin, CEO of NFT startup marketplace Rarible. be able to sell.

Apple said its 500 reviewers check 90 percent of its apps within 24 hours. However, the company did not comment on NFT startups’ criticisms of the App Store. According to Juniper Research, the global number of NFT transactions is expected to increase from 24 million in 2022 to 40 million by 2027. The report states that Metaverse Linked NFTs will be the fastest growing NFT segment over the next five years, growing from 600,000 transactions in 2022 to 98 million by 2027.

–IANS
SGK