The heavyweight of technology Apple has clarified its App Store rules on non-fungible tokens (NFTs) and cryptocurrency exchanges, marking the first time it has codified rules specific to NFTs..
New rules confirm how NFT purchases will be taxed and what they can and cannot be used forwhile also clarifying the rules on when a cryptocurrency exchange app can appear.
In the October 24 update to the App Store guidelines added text that allows in-app purchases of NFTs, but prohibits NFTs purchased elsewhere from being used for anything other than viewing.
Also allows apps to use in-app purchases to “sell and trade services” related to NFTs, such as “mint, list and transfer”.
However, it seems that the tech company is portraying itself in its “Apple tax” on NFTs – which lumps in-app purchases of NFTs into its standard 30% commission rate on all purchases – by ensuring that all NFT purchases are made in-app. apps.
Apps may not include “buttons, external links, or other calls to action,” which could give users a way to bypass App Store fees when purchasing NFTs. It also prevents applications from using mechanisms “such as […] QR codes, cryptocurrencies and cryptocurrency wallets”, which could be used to unlock content or functionality within an application.
The rules come despite the company facing criticism for applying its 30% commission on NFT sales made through NFT marketplace apps like OpenSea or Magic Eden.a measure that has been called “grotesquely overhyped” when compared to the average commission of 2.5% on NFT purchases.
Magic Eden has said that it has withdrawn its service from the App Store after learning of the policyand other NFT marketplaces have reduced the functionality of their apps, as users can only browse and view the NFTs they own.
Apple’s guidelines have also ruled out the use of cryptocurrencies for in-app purchases, allowing only fiat purchases.in addition to a “valid payment method” such as debit or credit cards.
The new guidelines do not change Apple’s existing policy on cryptocurrency trading apps proposed by exchanges like Binance and Coinbase.in which transactions are not subject to the 30% “Apple tax”.
Nevertheless, added new language to clarify that crypto exchange apps can only be offered in your app in “countries or regions where the app has the appropriate license and permissions to offer a cryptocurrency exchange”.
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