Whether startups or NFT marketplaces, all are formal There is a difficulty with the rules of the Appeal group and a fortiori with the Apple Store. Indeed, these companies cannot have access to the App Store because of Apple’s rules. These rules relate to Apple commissions and method of purchase.
Too high a commission amount
The market value of non-fungible tokens (NFTs) has been impacted by cryptocurrency volatility and the current bear market. In this area, companies would like to take advantage of the visibility offered by the App Store. In this way, they could reach a wider audience. However, most of these entities cannot use this tool.
Indeed, Apple now insists that its usual 30% commission on in-app purchases is also paid on all transactions. This notably prevented the NFT startup Magic Eden from offering transactions on its application. Apple’s initiative to reduce its commission to 15% for companies earning less than a million dollars a year has not changed the situation. For comparison, in the case of NFT exchanges between users, a typical marketplace takes only 2-3% of the transaction. Under Apple’s rules, companies would lose a lot on every transaction.
The challenge of fiat currency purchases
However, it is not just the commission that is the problem. A number of NFT companies face the following problem: in-app purchases from the App Store must be made in dollars, or another fiat currency. Apple does not accept cryptocurrencies.
Since the cryptocurrency exchange rate varies wildly, developers cannot simply fix a dollar equivalent. Arthur Sabintsev of blockchain company Pocket Network explains that this makes pricing really difficult since you have to program all these factors dynamically.
According Alexei Falin, CEO of Rarible, a start-up specializing in NFTs, the policy of the Apple group is ambiguous. This one considers App Store users can buy or sell NFTs. The way Apple allegedly delayed approval of NFT and crypto apps for the App Store would support this view. According to Mr. Falin, it took several months to put the Rarible app on the App Store. On the other hand, it only took a few days for the Google Play Store.
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