Stepn launches in-app NFT marketplace with Apple Pay integration – Cryptopolitan
Stepn, the innovative mobile “move-to-earn” game that rewards users with crypto tokens for physical activity, has taken a groundbreaking leap into the blockchain world. The app has unveiled its in-app marketplace for NFT sales, available in the iOS app for Apple’s iPhone. In addition, Stepn has integrated Apple Pay, which enables users to make purchases with credit and debit cards.
Enables NFT purchases and streamlining of transactions
Generally, mobile apps do not support NFT purchases on the secondary market due to the complexity associated with the 30% tax imposed by Apple and Google on most in-app transactions, including NFTs. App developers are faced with the choice of either passing the additional fee on to users or absorbing it as a cost of doing business. In this case, Stepn has chosen the former, albeit with a twist that abstracts the crypto elements and incorporates the additional fees into the process.
Stepn has introduced an in-app currency called Sparks, which allows users to purchase NFT sneakers directly in-app, bypassing the need for cryptocurrency transactions. Using Apple Pay, users can acquire bundles of Sparks, which can then be used to purchase the NFT sneakers. However, it is worth noting that prices in Sparks are significantly higher in US dollars compared to buying the same items via Stepn’s online marketplace using the GMT crypto token.
Shiti Manghani, Chief Operating Officer of Stepn, confirmed that the price difference is due to the fees handled by Find Satoshi Lab when users purchase NFTs through the iOS app. To comply with Apple’s guidelines, each in-app purchase is subject to taxation, resulting in an adjusted price to cover required regulations and reflect the additional taxation. This allows Stepn to create NFTs on Solana, Ethereum and BNB Chain, ensuring compliance with Apple’s guidelines.
The integration of Apple Pay into Stepn’s platform marks a significant milestone for both the app and the wider Web3 ecosystem. By simplifying the payment experience and eliminating the need for crypto wallets, Stepn aims to bridge the gap between Web2 and Web3, making blockchain technology more accessible to the masses. Yawn Rong, co-founder of Find Satoshi Lab, hailed the integration as “a giant step forward” as Stepn aims to bring the next 100 million users into Web3 technology.
Implications and challenges of Apple’s guidelines
Apple’s 30% cut to in-app purchases and resistance to supporting crypto apps have created challenges for decentralized app (dapp) developers. While some apps, such as Stepn, have found ways to work within the regulations, others have chosen to exclude NFT trading in the app entirely. The recent court ruling that deemed Apple’s policy of disallowing third-party payment methods as “illegal” could potentially lead to changes in the company’s payment practices, paving the way for greater use of Web3 apps on iOS platforms.
Despite the higher prices incurred through the Stepn app due to Apple’s fees, the integration with Apple Pay presents a significant opportunity for Stepn to tap into a huge user base. The collaboration with Apple has been crucial to Stepn’s growth, allowing the app to comply with regulations while promoting collaboration and driving real user adoption from Web2 to Web3.
