Apple has just updated its policy regarding the use of NFTs and interaction in the Apple store, this change could bring about a profound change in the industry. With the possibility for developers to sell NFTs through payment through the app, this novelty brought several reactions on social networks, mainly due to Apple’s 30% tax on the value of NFTs. We will better understand this change. NFTs that have as one of their main objectives to operate in environments where decentralization takes place and avoid large market rates, are now seeing this change. Especially with Apple committed to ensuring that users do not evade these fees and use cryptocurrencies to pay for NFT on the App Store, so it added more restrictions. The company said that an app can allow users to view their own NFT as long as NFT ownership does not unlock features in the app. Likewise, users can view NFTs belonging to others. As long as the apps do not contain buttons, external links or other calls to action that direct customers to purchase mechanisms other than in-app purchase. Soon after, Apple says that apps must be licensed in the countries in which they operate. This can complicate the lives of platforms that perform separate operations. NFT enthusiasts interpret change in different ways. Some people show their optimism cautiously. Some voice doubts frankly.
Villain
On the downside of Apple we see Apple charging huge fees, the company was already sued years ago for charging high transaction fees. Requiring in-app payments and restricting trading can delay users from using the assets. In addition, all NFT’s usefulness of having benefits is restricted on the platform, taking some of the essence of NFTs. “NFTs are fundamentally a web3 technology, and applying web2 principles like the Apple App Store is like putting a round peg in a square hole,” said Astaria executive De Kock. “Of course you can adjust it, but it’s not ideal. The App Store policy is what we naturally expected from Apple. However, the implementation lacks a nuanced understanding of the market it is trying to address,” he added.
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As much as there are several negative points, if Apple makes NFTs available, this will allow more than a billion people to be exposed to them. Consequently, without major difficulties or need to understand about cryptocurrencies. Some observers argue that Apple has a comparative advantage. Because people can buy NFT using fiat currency. This will appeal to those who think cryptocurrencies are difficult to participate in the market. Still, this advantage may not be very useful. High transaction fees of 30% can be a potential deterrent. Regardless of whether it is good or bad, the volume of the NFTs industry will exceed 23 billion in 2022. Therefore, it is inevitable that the market will take a path where companies will expose themselves to the market and profit from it. Apple is living proof of that right now.