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Startup and trading NFT firms say they are the App Store because Apple’s rules, and 30% commission, make it untenable for them.
The market value of NFTs — non-fungible token businesses – has been affected by the volatile value of cryptocurrency. So startup and trading companies in the field would reportedly love to be in the App Store and thus be able to reach a wider audience – but most won’t.
According to The informationApple is insist now that the regular 30% commission from in-app purchases is also paid on all transactions. In particular, this has ensured that NFT startup Magic Eden never offers trading on its app, even after Apple lowered his commission up to 15% for companies earning less than $1 million annually.
In the case of user-to-user NFT trading, a typical marketplace takes only 2% to 3% of the trade. Under Apple’s rules, companies would lose heavily on any deal.
However, it is not just the committee that is a problem. The information says a number of NFT firms have the problem that in-app purchases on the App Store must be made in dollars or another physically supported currency. It does not accept cryptocurrency.
Because the exchange rate of cryptocurrency varies greatly, developers cannot just set a dollar equivalent.
Arthur Sabintsev of blockchain company Pocket Network, told the publication that this problem “makes it really hard to price it because you have to dynamically program all these values.”
Sabintsev said he advised one of his customers to let users buy in-app currency in the same way as some games. They buy the currency, and that transaction earns Apple 30%, then they spend it on deals in-app.
In particular, selling NFTs within apps is particularly problematic.
“It feels like the position is that Apple doesn’t really want to” [App Store] users to be able to buy or sell NFTs,” said Alexei Falin, CEO of NFT startup marketplace Rarible.[It’s] almost impossible because they are fixed subscriptions or fixed prices.”
Perhaps supporting that view is Apple’s reportedly delaying approval of NFT and crypto apps for the App Store. According to Falin, it took several months to get the Rarible app on the App Store, compared to just days for the Google Play Store.
This does mean that such apps enter the store, but it seems that they generally act as showcases for their services. Actual sales or transactions are routed to a browser site rather than in an app.
Apple reportedly failed to specifically address the issue of NFT app slowdowns with: The information, and instead 500 reviewers said they check 90% of apps within 24 hours. Apple also declined to comment on the other NFT critiques, but referred the publication to the App Store’s general rules.