Ever since the NFT boom in 2021, a number of people have been looking into NFTs, exploring their potential. NFT gaming marketplaces, too, have been on an upswing with active users being undeterred even amidst the crypto clash. With this being the case, several big names have quickly jumped into NFTs.
Apple, too, made a momentous move recently, altering the status quo of NFT platforms on its App Store. The bright side is that the tech titan will now allow NFTs to be bought and sold through applications listed on the App Store. However, this announcement comes with several strings attached. And NFT game developers are not pleased.
NFT Apps and Apple
The company has mandated that they will be taking 30% of the cut on NFT transactions conducted through apps on the App Store. This decision has come under fire since a lot of small NFT gaming marketplaces may not be able to afford such a cut. Even though Apple has reduced the cut to 15% for developers who make less than $1 million annually, several platforms have been forced to reduce their functionality.
Second, Apple has mandated that all transactions be conducted through USD. This poses a problem since cryptocurrency, which is widely used by NFT gaming marketplaces, is volatile, making conversion rates tedious to keep up with.
Final Thoughts
Although the move has been lauded by some, it is evident that the cons outweigh the benefits. This is especially true for NFT gaming marketplaces who may now earn less, thereby reducing functionality. Making USD the norm may also hinder the players’ experience. Already, several NFT platforms are moving away from the App Store. How the rest of the story will unfold remains to be seen.
