Apple will allow in-app NFT sales at a 30% commission fee

Apple will allow in-app NFT sales at a 30% commission fee
Image Credits: DailyCoin

According to a report from The Information, Apple is now allowing NFTs to be bought and sold through apps listed on its marketplace at its standard commission fee of 30%.

Android’s app store Google Play, which doesn’t support NFT sales yet, charges a similar amount: 15% for the first $1M (USD) of earnings each year, then 30% for earnings in excess of $1M (USD) each year.

The rate, however, has been widely slammed for being “grotesquely overpriced” by NFT holders who are used to paying a standard NFT marketplace commission of around 2.5%.

Tech blogger Florian Mueller called Apple’s “app tax” on NFT sales “abusive but consistent,” while Epic Games CEO Tim Sweeney tweeted that Apple is “crushing” another nascent technology that “could rival its grotesquely overpriced in-app payment service.”

Solana’s Magic Eden reportedly withdrew its service from the App Store after learning of the policy, even after Apple offered to lower its commission by half. Other NFT marketplaces have limited their functionality.

Gabriel Leydon, CEO of Web3 game developer Limit Break, said the move “could put an ETH wallet in every single mobile game onboarding 1B+ players!” adding he would “HAPPILY give Apple a 30% cut of a free NFT.”

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