fbpx
4.5 C
London
Wednesday, December 7, 2022

Apple App Store Demands A Staggering 30 Percent Commission On NFT Apps

It is a standard practice for Apple Inc. to demand commission cuts for apps on its store. Some developers have expressed displeasure over the high commission rate on sales.

Apple Delivers Crushing Blow To NFT App Developers 

App developers have been shocked by the decision of Apple Inc. of imposing a cut of 30% on non-fungible tokens (NFT) sold through the Play Store making it similar to purchases in-app. 

- Advertisement -

Information report on Friday suggests that the company has allowed non-fungible tokens to be purchased and sold through its listed apps, imposing a cut of 30%. This is very much like the one imposed by Google Play Store.

This rate of commission is much higher than the 2.5 commission charged at regular non-fungible token marketplaces. Florian Mueller, a tech blogger, calls the tech giant’s commission rate on NFT consistent but abusive. While Tim Sweeney, CEO of Epic Games is of the opinion that the company is nipping another developing technology at the bud, which would compete with it. The in-app payment service of the iOS play store is highly overpriced.

Hearing of this development, some app developers like Solana NFT are withdrawing their services from the Play Store. Apple Inc. to retain them has offered a lower commission of 15% but even then they have withdrawn their services. 

- Advertisement -

Other NFT marketplaces listed on the Play Store prefer to transact in USD instead of cryptocurrency. Cryptocurrency being highly volatile, trading in it could prove very risky. 

Companies have fought with the tech giant regarding commission rates earlier even. After being delisted in August 2020 from the iOS Play Store for trying to sell in-game purchases to avoid the fees, Epic Games initiated a legal proceeding against Apple.

- Advertisement -

Follow Us

16,985FansLike
4,865FollowersFollow
1,643FollowersFollow

Latest news