Apple, one of the leading technology companies in the world, has announced new NFT App Store rules. The announcement comes on the back of long-term uncertainty about how they will adopt web3 technology, particularly NFTs. Now, the company has updated its terms and conditions, meaning users can trade NFTs in-app.
However, there are some interesting rules. The NFT payments cannot take place outside of the app. Furthermore, Apple takes a pay cut of up to 30% of in-app payments. What’s more, NFT apps must not offer any extra functionality for NFTs, which will cause huge issues with ‘utility’ NFTs.
Apple updates NFT rules for App Store
The new NFT rules are now in place, coinciding with iOS 16.1, iPad OS 16.1, and macOS Ventura software updates on Monday.
Essentially, the new rules limit many features that NFTs offer and place restrictions on apps to ensure all purchases occur using Apple’s payment methods. Notably, Apple takes 30% of all in-app payments.
So, while it is not a complete ban on NFTs, it does make it harder for creators and apps to use NFTs on the App Store. Many in the NFT community argue that the 30% will make it harder for the apps to offer high-quality services.
The company has confirmed that users to buy, sell, swap, and list NFTs in-app. But the rules make this incredibly hard and may affect the long-term growth of NFTs for Apple.
Will the new Apple rules work in the long term?
In the coming months, it will become clear how the new rules affect the longevity of NFTs and apps that use them with Apple Products.
The main concerns are the 30% pay cut to apple. This includes a rule that apps cannot lead to payments outside of Apple. Another problem for Apple NFT users is that functionality is restricted within the new rules.
Also, users can view NFTs within an app. However, the NFT must not unlock features or functionality.
Apple states, “Apps may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc.”
Quite often, NFTs provide access to exclusive services or even as a membership. These new rules could seriously impact blockchain games that use NFTs, along with other services in the Apple ecosystem.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
