23/09/2022 How Apple’s App Store Policies Squeeze NFT Startups

Illustration by M. Costa.

Non-fungible tokens, like much of the crypto world, are in regulators’ and lawmakers’ crosshairs. But NFT startups have been just as preoccupied with another rulemaker: Apple.

With NFT volumes tanking along with the broader crypto market, marketplace startups could use a boost from using mobile apps to sell their wares. So far, though, most see some obstacles, including the up to 30% commission Apple charges on in-app purchases, as well as pricing conventions that are difficult to apply to volatile digital assets.

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The result is that NFT marketplaces don’t even think about selling through an app. Sidney Zhang, co-founder and chief technology officer at Magic Eden, told The Information the startup has never tried to offer buy and sell functions on its app because of Apple’s commissions.

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https://www.theinformation.com/articles/how-apples-app-store-policies-squeeze-nft-startups

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