Apple goes super greedy on non-fungible token (NFT) sector
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Although Apple is used to charging a fee, some customers have complained that the company’s sales fee is “grotesquely exorbitant.”
The IT giant decided to charge a 30% premium on nonfungible tokens (NFTs) sold through its marketplace apps. This has angered NFT developers and others, as Apple treats NFT transactions the same as regular in-app purchases.
Google Play charges the same 30% commission on app store sales.
The Apple company allows the sale and purchase of NFTS
Tech blogger Florian Mueller referred to Apple’s “app tax” on NFT sales as “abusive but persistent.” Although Tim Sweeney, CEO of Epic Games, claimed Twitter that Apple is “killing” another emerging technology that “could compete with its grotesquely overpriced in-app payments business.”
People have criticized the commission rate as “grotesquely expensive”, especially compared to typical NFT marketplace commissions that are close to 2.5%.
This isn’t the only time Apple has taken advantage of other companies with bonuses. Epic Games’ main game Fortnite was removed from the App Store in August 2020 because the publisher tried to monetize in-game events without paying Apple’s fees, the company took legal action.
Due to the high fees, NFT marketplaces on the App Store obviously have limited utility. Additionally, given the turbulence in the cryptocurrency market, the requirement to transact in US dollars instead of cryptocurrency is a risk.
However, the company does not seem to have any plans to stop using large commissions
Some popular NFTS such as Solana NFT Market Magic Eden pulled their services from the software store. They declined Apple’s offer to lower its commission to 15%, although the app is still available there as of this writing.
Few will embrace Apple’s NFT support. According to Gabriel Leydon, CEO of Web3 gaming company Limit Break, the decision “could put an ETH wallet in every mobile game that registers over 1 billion users!”
Leydon also stated that he would “offer Apple a 30 percent cut of the free NFT.”
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