Apple wants a piece of the NFT pie
Apple Inc. (NASDAQ: AAPL ) has released App Store rules related to non-fungible tokens (NFTs) for the first time.
The Silicon Valley tech giant laid out good use cases for NFTs and confirmed that its 30% “Apple Tax” will apply to in-app purchases. NFTs purchased elsewhere will only be available for viewing.
The firm also allows applications to “use in-app purchases to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing and transfer.”
You cannot avoid the Apple tax on NFTs
Apple has come under heavy criticism for applying its signature 30% tax to purchases made in apps such as Magic Eden and OpenSea.
While the default commission is 2.5%, Apple doubles its much higher tax while ensuring there is no way around it.
The new rules specify that buttons, external links and other calls to action will be prohibited in apps. This ensures that all NFT purchases will be made in the app, and Apple will get its cut.
In the past, some apps have turned back the ability for Apple users to buy and sell NFTs in their apps after learning about the 30% fee. However, that hasn’t stopped Apple from implementing it, anyway.
Clarification of rules for exchange and acceptable payments
The new guidelines clarified existing guidelines for digital currency exchange apps and how payments can be made in related apps.
No specific changes were made to the rules regarding trading apps like Binance. Apple’s 30% tax has never applied to trades in these apps, and it has not changed this policy.
However, it has been clarified that these apps can only be offered in countries where a license has been obtained.
For in-app purchases of any kind, whether NFT purchases or digital currency trades, they must be made in fiat currencies rather than digital.
The web continues to approach unregulated activity
While Apple’s tax on NFTs made headlines with this policy release, and rightfully so, the additional language around exchange apps only being available in regions and countries where a license had been obtained was equally worth commenting on.
For years we have reported on the trend towards a more regulated digital currency and blockchain industry. Every week or month, more and more companies are shutting down exchanges and trading apps that have failed to obtain legitimate licenses in the nations in which they operate.
Not long ago, this same issue led to a wave of UK banks banning deposits to Changpeng Zhao’s Binance. The digital currency exchange, known for its jurisdiction-hopping, promised to get a proper UK license and then refused to cooperate with the regulator. It also abandoned an application to operate a licensed stock exchange in Singapore for similar reasons.
We see how large companies increasingly want nothing to do with the shady operators that have characterized the digital currency industry so far. Apple is just one of many that have made it clear that companies that refuse to follow the law are not welcome on their platforms.
Going forward, expect this loop to tighten further as companies begin to self-police in anticipation of further regulatory reductions. A few years from now, the industry will be unrecognizable and only the regulated, legally compliant companies and blockchains will survive.
See: BSV Global Blockchain Convention panel, The Future of Digital Asset Exchanges & Investment
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