Key Insights:
- The Apple updated policy clarifies what developers and app users can do concerning NFTs and crypto.
- NFT App developers and related service providers can sell to buyers but will use only Apple payment gateways.
- The controversy is in relation to the 30% cut by the tech giants on apps using its payment gateway.
Apple’s NFT Policy, released on the 24th of October, has continued to generate mixed reactions. The policy is an app store guideline targeted at app developers concerning NFT-enabled apps.
It allows developers to sell NFTs and NFT-related services via the Apple payment gateway. With that, developers can build apps that allow minting, listing, and transferring NFTs (in-app).
The controversy in the company’s new policy is the sale of utility NFTs. It says it will not allow users to unlock in-app NFT functions and features. Similarly, they will not allow apps redirecting users to external buying mechanisms in NFT.
The new policy requires all apps offering NFT services to use its in-app purchases. For every in-app payment using its payment mechanism, the company gets a 30% cut.
So you can access the NFT market and view all connections but can not proceed with some command prompts. The command prompts include clicking on the external link or using other payment mechanisms for the NFT purchase.
This policy implies that Apple users will have restrictions on buying NFTs and other related services.
Impact of Apple’s New Policy
The policy is perceived as a major setback for every stakeholder in the NFT ecosystem. App developers that integrate in-app features/functions and redirect buyers to external purchase links will be affected.
Blockchain-based games using NFT must use the Apple payment gateway or suspend their Apps on the store. The policy shows it supports NFTs they tax and ban NFTs they do not tax.
“Alae. Eth” tweeted that the policy allows NFT and is still a win for the NFT space.
Apple’s NFT guidelines (-> restrictions on token gating) are consistent with their existing ecosystem policy – this is not surprising
Apple allowing NFTs is still a win for the space https://t.co/1FcI8nXfNr
— alea.eth 🔮 (@alea_eth) October 26, 2022
Apples Defense & Clarification To The New NFT Policy
Apple’s main argument is that it will have control over its app store and the security of its payment gateway. Similarly, developers can make money and keep track of their in-app purchases.
Regarding cryptocurrency transactions, users can facilitate transactions on an approved exchange without restrictions. The company, however, explains that it is not a restriction but an update to its service providers and consumers.
Conclusion
The new restrictive rules have been met with criticisms and condemnations.
It is important to know that the policy explicitly accommodates NFTs as against the “ban” comments. While some industry players see potential benefits in it, some have strongly condemned it. Some said it would reduce Apple’s dominance and open a competitive market for other tech giants.
Others opine that Apple is a profit-making firm and seeks to maximize its profit with the policy. Albeit, there is a call for the tech giants to reduce its 30% cut for apps that use its payment gateways.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
