Apple now allows apps that sell NFTs to be installed and sold through its App Store. Developers can now sell NFTs within their apps, and new apps can include NFTs. Many, however, are focused on Apple’s sizable 30% cut of each transaction.
Apple has finally accepted NFTs.
It took some time, but Apple, one of the world’s largest technology companies, has finally accepted the addition of NFT apps and games to their App Store.
With typical marketplaces such as OpenSea and Magic Eden typically taking no more than 5% in general, the 30% commission that the company is taking appears unbelievable to project, app, and game owners and will most likely deter them from using the new feature.
Gabriel Leydon, a web3-based CEO, sees the bright side of the situation: “Everyone is focusing on Apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every mobile game onboarding 1B+ players! I will HAPPILY give Apple a 30% cut of a free NFT,” he added.
In addition to the 30% transaction fees, the company does not yet accept cryptocurrency.
Because they don’t want to, they only accept traditional fiat currencies, which only a few projects accept.
According to The Information, Magic Eden withdrew its service from the App Store after learning about the policy. They still declined after being offered a lower, 15% transaction.
Will the company make its entrance in Web3 someday?
Until now, Apple has been largely absent from the NFT space and cryptocurrency in general. Of course, their devices include Metamask, Coinbase, and other cryptocurrency wallets/exchanges.
But that’s about it for the California-based tech company.
We’ve only seen one Apple-related NFT/web3 movement: a former Apple executive joining Disney to lead their Metaverse Creative Strategy. Also, in June, rumors circulated that Apple would release NFT trading cards at one of their developer conferences. It never came to fruition, unfortunately.
It is unknown whether Apple will ever look to enter the NFT, crypto, or metaverse spaces. But, for the time being, it appears unlikely. They appear to be opposed to the concept of cryptocurrency in general.
NFT Apple ID Hacks
Although it has nothing to do with the company, it is unfortunate that there was an NFT hack going around for a while where users would have their NFTs, which were stored in MetaMask, taken from them because someone had hacked into their Apple ID.
Someone would frequently call or email a user pretending to be Apple, and the user would fall for it.
They would then manually reset their Apple ID password, informing the hacker. This would result in NFTs and other assets from the MetaMask mobile application.