Apple

Apple’s New NFT Policy Sparks Controversy

Key Takeaways Apple has updated its App Store policy to allow certain apps featuring non-fungible tokens (NFTs). The policy only…

Key Takeaways

  • Apple has updated its App Store policy to allow certain apps featuring non-fungible tokens (NFTs).
  • The policy only permits NFTs without in-app functionality and disallows redirection to external services.
  • The updated policy has received mixed reactions from the tech and cryptocurrency community.

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Recent changes to Apple’s NFT policy have sown division within the crypto and tech communities.

Apple Updates NFT Policy

Apple’s NFT policy is generating controversy.

On October 24, Apple updated its App Store guidelines to change its policy around non-fungible tokens or NFTs.

The new policy explicitly allows app developers “to sell [non-fungible tokens] and sell services related to [NFTs].” This means that apps can allow the “minting, listing, and transferring” of NFTs in-app.

An enormous caveat, however, is that the policy does not permit the sale of “utility” NFTs. App developers cannot allow users to unlock in-app functions or features with NFTs, nor can they redirect users to external buying mechanisms.

These limitations will likely be detrimental to blockchain-based games that use NFTs. However, it is not apparent that such apps have a large presence in the first place, as querying its app store only returns nine NFT apps.

Apple initially began to support NFTs in late September, when it was criticized for relying on its own payment mechanism. This approach means that Apple adds a 30% tax on NFT sales in high-revenue apps—a policy that also applies to other apps with transactions.

Reactions Have Been Mixed

Reaction to the new policy has been mixed. Apple’s policy has been acknowledged positively by some, with headlines from Forbes and Game Developer highlighting the fact that the new store policy explicitly accommodates NFTs.

Others have criticized Apple for the restrictive nature of its policy and its seemingly excessive 30% cut.

Tim Sweeney, CEO of Epic Games, has criticized both sides by arguing that Apple is neither for nor against NFTs but rather is motivated solely by money. “They support NFTs they tax, and ban NFTs they don’t tax,” Sweeney observed.

Some have noted that Apple’s restrictive NFT policy is not entirely unique. Bryan Ross, a staff software engineer at Docker, noted the absurdity of Apple introducing “the same in-app purchase rules that other apps have to, and watching the whole [tech] sphere melt down in response.”

Yat Siu, a co-founder of the blockchain-focused gaming company Animoca Brands, suggested that Apple’s restrictions are only possible because of its current dominance. He argued that the economic opportunity of blockchain gaming will become “so weighty, like an open market,” that Apple will “eventually capitulate.”

Today’s news comes alongside an FCA discussion concerning Big Tech and its impact on retail finance. Those discussions aim to create a pro-competitive approach in those markets.

Though not specifically related to Apple’s NFT policy, the discussion could lead to future regulatory changes, thereby impacting Apple’s policies around NFTs and payments.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other digital assets.

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Apple

South Africans can now buy Apple, Alphabet shares as digital tokens on Luno

From early August, Luno, a cryptocurrency and digital investment platform, will allow its users in South Africa to invest in tokenised stocks and exchange-traded funds (ETFs), making global equities like Apple and Alphabet accessible for as little as R20 ($1.13). The move positions Luno as a multi-asset investment platform and marks what it says is

From early August, Luno, a cryptocurrency and digital investment platform, will allow its users in South Africa to invest in tokenised stocks and exchange-traded funds (ETFs), making global equities like Apple and Alphabet accessible for as little as R20 ($1.13). The move positions Luno as a multi-asset investment platform and marks what it says is a first-of-its-kind offering in South Africa’s fast-evolving financial landscape.

Tokenised stocks are digital representations of real shares, backed 1:1 by actual securities. By enabling access via rands, Luno is removing longstanding barriers such as currency conversion costs, high fees, and trading-hour restrictions for retail investors in emerging markets.

“Until now, access to global financial markets has been locked behind red tape and legacy systems,” said Christo de Wit, Luno’s country manager for South Africa. “With tokenised stocks, we are offering South African investors easy access to global investments any time of the day or night.”

The platform will support over 60 U.S. companies and market indices, including Apple, Alphabet, NVIDIA, and the S&P 500. These tokenised products are made available through partnerships with infrastructure providers like Kraken’s xStocks and Backed Finance, which Luno says will ensure regulatory compliance, secure custody, and alignment with global financial standards.

How Luno tokenised stocks work

Customers can start investing with as little as R20 ($1.13), even in companies like Apple and Google. Instead of paying nearly R4,000 ($226) for a full Apple share, they can buy just a piece. These tokens are digital versions of real stocks, and customers trade them through blockchain. 

“This represents a fundamental shift in how we think about investing,” explained de Wit. “We are not just digitising old processes, we are reimagining what is possible when you combine improved technology with investor needs.”

Launched in 2013, Luno has grown to become one of Africa’s leading crypto exchanges, but now it’s adding tokenised stocks and ETFs. South Africa remains one of the continent’s most active crypto markets. Over 5 million South Africans are estimated to own crypto, with digital asset ownership expected to grow by nearly 8% annually through 2031.

Luno competes with platforms like VALR, Binance, AltcoinTrader, and wealthtech apps like EasyEquities and Satrix that focus mainly on traditional stocks and ETFs. 

Still, the expansion into tokenised equities could bring Luno under closer scrutiny. As digital tokens backed by real-world financial instruments, these offerings may fall within capital market regulations, including investor protection and transparency requirements. South Africa’s Financial Sector Conduct Authority (FSCA) is already in the process of licencing crypto asset providers and building a clearer framework for digital securities.

Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com

Sakhile Dube Associate Reporter

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