Animoca Brand Co-Founder Thinks Apple’s 30% Fee On NFT Sales Could Capitulate Web3 Companies

Fun Fact: OpenSea charges only a 2.5% fee per NFT transaction.
Animoca Brand Co-Founder Thinks Apple's 30% Fee On NFT Sales Could Capitulate Web3 Companies

Apple is embracing NFTs, while tech giants such as Microsoft and Minecraft are banning them on their platform. A lot of Web3 whales are criticizing Apple’s huge 30% fee per transaction on NFT purchases.

Yes, Apple’s move to allow NFT purchases in its App Store applications could be good news for Web3 adoption, but critics are saying that the company is charging too much, which could ultimately resist companies from incorporating NFTs in Apple apps.

Animoca Brands co-founder and executive chairman Yat Siu has also criticized Apple for this move. He said that even though this move could fuel wider adoption of NFTs, it can also capitulate (move away) Web3 companies.

As the criticism goes around, we are already receiving reports that Magic Eden (a well-known NFT marketplace) has taken out its app. The news was then “rejected” by a company spokesperson that the App has not been withdrawn. Although, you cannot trade on the Magic Eden app on Apple devices. Only showcasing digital assets is allowed.

Yat Siu said these kinds of taxes are charged by Scandinavian countries, but they provide so much more value – this huge fee (30%) is unjustifiable from Apple.

“Sweden has high taxes, but maybe I choose to live there because the high taxes give me something…The issue with Apple is that they charge you 30% because they’re Apple, with no other explanations given,” said Yat Siu.

“The only reason you’d pay that kind of tax is if you thought Apple could give you millions of users that you wouldn’t otherwise get.

“Once you have millions of users, and you’ve gotten to the size of Epic or Fortnite, then they say, ‘Hold on a second, why am I still paying that kind of continued tax?” he added.

Yat Siu then said that Blockchain gaming and NFTs have come far away, and now, according to Siu, Apple may be the one that blinks.