Platforms Including Apple Make Moves In The NFT Space – Fin Tech

Apple has become the latest platform to embrace non-fungible
tokens. As of September 2022, Apple, one of the largest tech
companies in the world, has begun allowing apps for the purchase
and sale of NFTs to be listed, installed, and sold through its App
Store, which currently has over one billion users.

This development comes on the heels of the Ethereum Merge, whereby the Ethereum
blockchain, the most widely used blockchain for NFTs, transitioned
from a “
proof of work” consensus mechanism to an environmentally
friendly “proof of stake” model. It also follows a
series of NFT-related announcements from other large platforms and
tech companies, including:

• Twitter launching NFT verification for profile
  pictures (“PFPs”)




• Reddit introducing NFT avatars




• TikTok releasing creator-led NFT
  collections




• Meta allowing users on both Facebook and
  Instagram to share their NFTs and digital collectibles

Though Apple has faced criticism for taking a 15-30% cut of in-app
NFT purchases, their foray into the NFT space may be a catalyst for
onboarding millions of users to blockchain technology. As more
major platforms continue to embrace this new technology, the
popularity and range of use cases for NFTs will continue to
grow.

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