NFT Startups Hit By Apple Sanctions

Apple has updated its App Store download requirements policy and left many game developers unhappy. In their view, these restrictions could hurt the nascent NFT segment . 

Tim Sweeney tweeted that Apple Inc. required all teams that released NFT games to only pass them on as in-app purchases.

Usually, NFTs, like any other blockchain-based assets, can be freely transferred between crypto-wallets without the need for third-party oversight. In this case, NFTs are sold on a peer-to-peer basis without any additional fees, except for the “gas fee” or “sales tax” charged by the game itself. 

With the new restrictions from Apple, many developers need to increase NFT trading taxes by more than 30%. This, in turn, makes all in-game NFT transactions too costly for most gamers. 

“Now Apple is killing every NFT app it can’t tax, wiping out yet another nascent technology that could compete with its grotesquely overpriced in-app payment service,” Tim Sweeney tweeted. 

The giants of the crypto industry have emphasized that the problem can be solved with a specialized crypto store for digital applications, independent of large technology companies. 

The CEO and co-founder of Solana Labs, Anatoly Yakovenko, is confident that this situation with the suppression of the NFT industry by Apple can be a catalyst for an influx of users into Solana Saga. 

“I was wrong about Apple. I thought that their efforts to attract people to cryptocurrencies are designed for at least 5 years ahead,” Anatoly Yakovenko commented. 

By the way, cryptocurrency majors Solana (SOL) and Polkadot (DOT) are betting big on the release of their own smartphones with cryptocurrencies, DeFi and NFT functions. 

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