Apple Release The New Rules Around NFT and Crypto Exchanges

Apple Release The New Rules Around NFT and Crypto Exchanges.

For the first time Apple has codified specifically NFT rules for its App Store, the company clarified its rules for nonfungible tokens (NFTs) and cryptocurrency exchanges.

A Glimpse of The New Rule

Among the new rules is information about how NFT purchases will be taxed as well as what they can and cannot be used for, along with information about when a crypto exchange can list an app.

The App Store updated its guidelines on Oct. 24 to allow for in-app purchases, but prohibits any NFT acquired elsewhere from being used for anything other than viewing.

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“The App Store Review Guidelines have been updated to support new features in upcoming OS releases, better protect customers, and help your apps go through the review process as smoothly as possible,” cited Apple’s website.

Furthermore, in-app purchases are allowed to be used to sell services related to NFTs, such as “minting, listing, and transferring.”

Double Down Its NFT Apple Tax

Despite this, the tech giant appears to be double-downing on its NFT “Apple tax,” which lumps in-app NFT purchases into its standard 30% commission rate for all purchases and ensures that all NFTs are purchased in-app.

There will be no “buttons, external links, or other calls to action” allowed in apps, which could allow users to circumvent app-store commissions.

Apps will also not be able to unlock content or functionality within an app by using mechanisms like QR codes, cryptocurrencies, and cryptocurrency wallets.

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However, the rules come despite criticism that the company applies a 30% commission on NFT sales conducted through NFT marketplace apps such as Magic Eden and OpenSea, a move regarded as “grotesquely overpriced” since 2.5% commissions are usually charged on NFT purchases on average.

The NFT marketplace Magic Eden has removed its app from the App Store because of the policy, and other NFT marketplaces have limited their functionality to browsing and viewing their own NFTs.

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Jamilatul Mahmudah

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