- The new guidelines published by Apple, for its App Store and the trading of NFTs, indicate that users will be able to trade with them as long as “ownership of NFTs does not unlock functions within the application”.
- This particular condition may deter many users from purchasing NFTs since these types of assets generally have utility in that they allow content to be unlocked.
- Any service related to NFTs must use the Apple payment mechanism and of course, paying with cryptocurrencies is not an option.
The NFT ecosystem began to grow in the App Store, the marketplace for applications for Apple users, after the company allowed this type of token to be bought and sold on the platform.
the tech giantApple, has published its updates on guidelines for the App Store and clarified its rules around non-fungible tokens (NFTs), dealing a serious blow to an ecosystem that was just beginning to develop.
The App Store review guidelines set the course for what developers can and cannot do within the platform. In case of violating the policies, Apple could remove the application.
NFTs may exist in the App Store under some conditions
According to Apple Insider, newly released guidelines state that apps can use in-app purchases to sell NFTs and sell services related to them.
It will also allow users to browse the NFT collections of other owners, on the condition that “NFT ownership does not unlock features within the app.”
This particular condition may deter many users from buying NFTs since, in fact, these types of assets generally have utility in allowing content to be unlocked.. For example, Bored Ape Yacht Club NFTs allow holders exclusive access to merchandise, parties, etc. which, in part, has made them so popular.
In addition, this will be the case, as long as the applications “do not include buttons, external links or other calls to action that direct customers to purchase mechanisms other than in-app purchases.”
Namely, any services related to NFTs must use the Apple payment mechanism and the company charges up to a 30% commission on in-app payments. Of course, paying with cryptocurrencies is not an option.
So, although Apple is not directly banning NFTs in the App Store, it has certainly imposed regulations that discourage the ecosystem from developing within this platform.
Apple also revised its language regarding crypto exchanges
In addition to having revised NFTs, it has also revised some of its guidelines for crypto exchange apps listed on the App Store.
Considering that crypto exchanges are those that allow the purchase and sale of cryptocurrencies, those “capproved ripto exchanges, provided they are offered only in countries or regions where the app has the proper licenses and permissions to provide its services”.
It is important to note that within the App Store there are already applications from crypto exchanges such as Coinbase and Binance. In accordance with ForbesIn late September, an app called “MetaTrader” was removed from the App Store as it has apparently been used for cryptocurrency scams.
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