On October 24, the tech giant defined its guidelines for iOS apps that manage NFTs. The tech company gave its first official approval for the provision of in-app NFT minting, purchasing, and selling. The revised rules state: Apps may leverage in-app purchases to sell non-fungible tokens (NFTs) and services associated with them, such as minting, listing, and transferring.
In the reviewed updates, the tech giant upholds the 30% Apple Tax on in-app cryptocurrency purchases and peer-to-peer NFT trading under the latest updates. In the month of September, reports outlined how Apple’s 30% charge regulations were driving NFT markets and creators out of its ecosystem and occasionally causing them to completely give up on NFT integrations. Additionally, in the same context, it is anticipated that the new rules will worsen the situation.
According to a company’s analysts, the new guidelines might prevent users from buying more NFTs, which they occasionally use to open content that is token-gated. Some NFT collections that might feel the impact of these guidelines are the Moonbirds NFTs and Bored Ape Yacht Club (BAYC) NFTs. These collections offer owners of NFTs get unique access to numerous communication channels, goods, and other benefits.
Additionally, developers are only permitted to offer consumers the choice of making in-app purchases. They are unable to switch to another platform as a result. Apple does not support crypto payment methods, so using this method of payment is not permitted.
According to a statement by Magic Eden, Other NFT markets have reduced the functionality of their applications so that users may only browse and view their owned NFTs. They also claimed to have deleted its service from the App Store after becoming aware of the regulation.
The new policies have made no changes to the current Apple policy on cryptocurrency trading apps proposed by exchanges like Binance and Coinbase, where trades are exempt from the 30% “Apple tax,” and where trades are free from third-party fees.