Apple App Store Introduces 30% Commission on NFT Sales

Apple's New NFT Policy

Apple's App Store has begun permitting third-party apps to sell non-fungible tokens (NFTs), but this comes with a significant 30% commission on all transactions. This policy shift could reshape the NFT marketplace landscape.

Industry Reaction

The 30% commission is notably higher than the typical 5% fees charged by platforms like OpenSea. This discrepancy has led some NFT startups, such as Magic Eden, to halt their services on iOS. Despite Apple reducing the commission rate to 15% for smaller businesses earning under $1 million annually, concerns about profitability persist.

A Positive Outlook

Gabriel Leydon, CEO of Limit Break, views Apple's move optimistically. He believes integrating NFTs into the App Store could introduce Ethereum wallets to over a billion users, simplifying crypto adoption. Leydon is willing to accept the 30% cut as a strategic move to expand user bases.

Apple's Crypto Stance

Apple remains cautious about direct involvement in cryptocurrency, avoiding crypto transactions and steering clear of regulatory scrutiny. Earlier rumors about Apple entering NFT trading didn't materialize, indicating a hesitant approach to the crypto space.

Potential Impact

While Apple's commission may deter some, it could also accelerate mainstream NFT adoption by leveraging the App Store's vast reach. This move highlights the tension between profit margins and market expansion in the digital asset space.