Apple Sells NFTs On App Store, Takes 30% Commission, Report Finds

On Friday, The Information released a report announcing that Apple is now allowing NFTs to be bought and sold through apps listed on its marketplace while taking its standard 30% commission on in-app purchases. 

The standard commission price, however, for most NFT sellers is 2.5%. Needless to say, Web3 enthusiasts are outraged. 

Tech blogger Florian Mueller called the tech giant’s commission (or “app tax”) on NFT sales “abusive but consistent,” adding that “NFT startups must trade outside.”

Epic Games CEO Tim Sweeney also called the tech giant out on Twitter, stating that Apple is “killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service.” 

“Apple must be stopped,” Sweeney added.

The Information’s original report noted that Magic Eden, an NFT marketplace based on the Solana blockchain, chose to withdraw from Apple’s App Store directly after hearing about the 30% commission.

Cointelegraph highlighted some positive reactions to Apple’s inclusion of NFT sales.

For example, Gabriel Leydon, CEO of web3 game developer Limit Break, praised the potentiality of widespread adoption. Leydon tweeted that this move “could put an ETH wallet in every single mobile game onboarding 1B+ players!”

“I will HAPPILY give Apple a 30% cut of a free NFT,” he added. 

NFT marketplace apps on the app store currently include OpenSea, Rarible, Magic Eden. Marketplaces in crypto trading apps include Binance, and Coinbase Wallet.

1 comment about "Apple Sells NFTs On App Store, Takes 30% Commission, Report Finds".
Check to receive email when comments are posted.
  1. John Grono from GAP Research, September 28, 2022 at 1:11 a.m.

    Hmmm ... that is hard core Apple.

Next story loading loading..