Global technology giant Apple Apps Store will allow applications to sell non-fungible tokens (NFT) on its platform.
However, Apple will charge a fee of 30% for each NFT transaction made through the app.
Clarified, high fees can prevent projects, game and application owners from using this function in the Apps Store.
This is because NFT markets such as Opensea and Magic Eden take a very small commission, which is as much as 5%.
As The Information reports, NFT Magic Eden decided to withdraw its services from the App Store despite Apple reducing its commission to 15% and annual revenue of less than $1 million.
Now most individuals focus on Apple wanting a 30% cut for each transaction without realizing that this could put an Ethereum (ETH) wallet in every mobile game, comments Web3 CEO Gabriel Leydon.
Although Apple allows apps on the App Store to sell NFTs, the company has yet to accept payments using cryptocurrencies.
In fact, Apple avoids getting directly involved with the crypto and NFT markets because it doesn't want to incur the kind of regulatory ire that Meta is facing.
For the record, Apple once planned to release an NFT trading card, but it never came to fruition until now.
