‘Grotesquely overpriced’ NFTs now allowed on Apple App Store

Cryptocurrency

In what could be a huge moment for the non-fungible token market, tech giant Apple now allows apps selling NFTs on to its App Store marketplace.

There are an estimated 1.2 billion global iPhone users alone, a massive new market for creators if developers choose to launch on the App Store.

Existing apps on the App Store are also able to sell NFTs, creating a new revenue stream.

However there is a catch. Apple has imposed its standard 30% commission on all NFT-related sales, both for the apps themselves and in-app NFT purchases, according to a report from The Information.

Standard NFT marketplace commissions are around 2.5% and rarely top 5%.

Aidan Ryan, reporter for The Information, tweeted: “Apple has told startups it must sell NFTs through in-app purchases, forcing many startups to limit functionality in  apps to dodge fees up to 30% of the transaction, even when the startups are only facilitating the trades.”

Epic Games CEO Tim Sweeney reacted as you might expect, given that his company has been locked in legal battles over attempts to sell commission-free in-game content on the Apple version of Fortnite.

He tweeted: “Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped.”

Florian Mueller, a competition-focused intellectual property activist-turned-analyst, tweeted that “Apple’s imposition of its app tax on #NFT sales is abusive but consistent: NFT startups must trade outside #AppStore.”

Solana NFT market Magic Eden is withdrawing its service from the App Store, even after Apple offered to lower its commission to 15%, according to The Information.

Gabriel Leydon, CEO of Web3 game developer Limit Break, saw a positive side: “Apple has decided to let developers sell NFTs inside of games/apps. Everyone is focusing on Apple wanting its 30% cut of each transaction without realising this could put an ETH wallet in every single mobile game onboarding 1B+ players!

“I will HAPPILY give Apple a 30% cut of a free NFT… LETS GOOOOOOOOO… FREE TO OWN.”

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Cryptocurrency shorts

Interpol has issued a red notice for Terraform Labs co-founder Do Kwon – on the run after the collapse of his company caused tremors throughout the cryptocurrency market – according to Bloomberg. He recently tweeted: “Unless we are friends, have plans to meet, or are involved in a GPS-based Web3 game you have no business knowing my GPS coordinates.”

Binance has poached Kraken’s former chief compliance officer Steven Christie, according to a Wall Street Journal report.

Software firm Veritaseum Capital is suing crypto exchange Coinbase for $350 million over alleged blockchain patent infringements.

Web3 partner NFT Technologies has appointed Frank Guo as its CFO.

Banking-as-a-Service provider Contis, part of the Solaris group, has teamed up with NagaPay for a European crypto debit card which enables consumers to spend both fiat and cryptocurrency at the point of sale.

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Crypto prices

The overall market cap of the more than 21,000 coins is at $921 billion at the time of writing (7am UK), down from $952bn on Friday morning.

For round-ups of recent cryptocurrency news developments, click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.