In a world where NFTs dominate and take the world by storm, Apple, the multinational tech company, updated its term of services on October 24, ultimately banning external NFT-based content from App Store.
To get more specific, Apple allows apps within App Store to enable in-app purchases related to NFTs. Additionally, it lets users view their NFTs, provided that NFT ownership does not unlock features or functionality within the app.
In detail, Apple added the following to the 3.1.1 version:
“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”
Apple is not hiding its intentions clearly, as the company is desperate for the 30% fee per NFT transaction. In a recent interview, Animoca Brands chairman Yat Siu stated that Apple’s 30% fee on NFTs could capitulate Web3 companies.
Being rhetorical, why is Apple taking such actions? How can NFT-related companies and users get a fair cut of their product when a 30% fee exists, while OpenSea charges only a 2.5% fee per NFT transaction?