Apple Reorganizes App Store Rules for NFTs and Cryptocurrency
Under new rules, apps can sell NFTs and related services on the App Store, as long as they use Apple’s in-app purchases where it takes 30 percent.
It can be a bit more difficult to be profitable for both NFT and cryptocurrency apps trying to operate on Apple devices. Apple has revised its app store guidelines, and notable among these guidelines are some new rules related to the sale, services, and exchange of cryptocurrency and NFTs on the platform. From here on out, NFTs will be forced to use in-app purchases for sales and services to remain on the platform, to which Apple will apply its usual 30 percent cut.
Apple posted the latest revision of its App Store policies on October 24, 2022, which was spotted by CNBC. As per the new rules, apps that trade and sell NFTs and services related to them are now required to use in-app purchases for said transactions. Other additions to the rules relate to locking content behind paywalls and operations that will take users to purchase services outside the app, essentially with the aim of bypassing Apple’s system.
Source: Apple
Apple’s new rules do not stop at NFT apps and services. The guidelines also include new rules for cryptocurrency apps and services.
“Apps may facilitate transactions or transfers of cryptocurrency on an approved exchange, provided they are only offered in countries or regions where the app has appropriate licensing and permissions to offer a cryptocurrency exchange,” the guidelines state.
The cryptocurrency rule appears to crack down on cryptocurrency services operating in countries where they are illegal. China has cracked down on cryptocurrency, so this could be Apple covering the rear as a liability there and in similar countries that have restricted cryptocurrency exchanges.
The lingering effect of Apple’s rule changes could be further trouble for NFTs and cryptocurrency, both of which have cooled slightly due to various financial and legal issues. That said, that hasn’t stopped innovators in said markets from trying to expand the technology associated with them. Stay tuned as we continue to look for further updates in the NFT and crypto space.
