Apple announces support for NFTs

After seeing many companies announce their incorporation to this growing trend, Apple has decided not to be left behind.

What has been stated by the company is that certain applications that are based on non-fungible tokens will be available in the Apple Store app.

On the other hand, it is not a minor point that the company includes its standard 30% commissions for all transactions. This stance is not well seen by many players in the NFT field, as they consider the high percentage of commissions to be unfair, and does not contribute much to their incorporation into the Apple Store.

Apple’s incorporation of NFT-based applications is a breakthrough for the community. Apple is one of the largest and most influential companies in the world, as are others such as Google, Microsoft, Meta, among other players in the technology field.

Notwithstanding this novelty, it is worth remembering that in the past Apple had canceled a crypto project in its store, for the reason that it included functions linked to NFT. But over time it seems that the company has decided to reverse this position, so they are currently contemplating the incorporation of this type of applications.

One of the main criticisms that the main developers of NFT applications have made to the company is due to one of the requirements they have imposed at the time of entering the store, and it is related to the high percentage charged for commissions on each transaction. The developers argue that it is detrimental to the NFT market, which is just growing and it would not be very helpful to place a commission of such magnitude. On the other hand, it should be clarified that the same percentage is charged by the competition, precisely by the Android Play Store.

On the one hand, they argue that the high percentage of commissions will limit the growth of many projects linked to NFT, but on the other hand they argue that it can be taken as a good ramp into the ecosystem, for those who have not yet done so and have an Apple device in their possession.

According to users of the social network Twitter, they state that the move potentially opens the NFT market to more than one billion iPhone users (not counting those who also own another device of the company, such as iPad, MacBook, among others); which could mean a great boost in the adoption of cryptoassets worldwide.

Another issue to consider is that to date the company does not accept cryptocurrencies as a means of payment, only payments made with fiat currencies.

In view of the constant criticism from players and users of the ecosystem, as reported by The Information, they say that the company is analyzing the possibility of lowering commissions by half, i.e. 15%.

One rationale for requesting a decrease in commissions by Apple is that on marketplaces such as OpenSea, the percentage charged for sales of non-fungible tokens is 2.5%, a quite considerable difference.

Likewise, not all NFT projects are in disagreement, as the founder of the Digidaigaku collection, who promotes the use of the platform and invites them to take advantage of the benefits offered by the company.

The founder argues that if collections are kept in the App Store, millions of people will be able to join the NFT marketplace. He also argues that each developer can link an Ethereum wallet, and allow users to sell on different external marketplaces, and thus not be forced to pay Apple’s 30% commissions.

Written by Luciano Garriga (TW:@luchogarriga) for NFT Express