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.
Share this article
URL Copied
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.
Share this article
URL Copied
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Recommended News
Reddit Avatars Explained: Why Are These NFTs Soaring in Value?
Analysis
While some Reddit Collectible Avatars were available for purchase when the NFTs launched in July, many have also been distributed for free to the social media site’s most active users. …
Can the Aptos NFT Scene Compete With Ethereum’s?
Analysis
The hype around Aptos is driving intense activity to its various NFT marketplaces. There are signs, however, that the enthusiasm for Aptos NFTs may not stay consistent in the long…
RhinoX Soulbound NFT Launches Roadmap Detailing New ‘Soul Breeding
BlockDAG Continues Crypto-World Dominance: Celebrates CoinMarketCap Listing at Piccadilly; Find More on SOL and AVAX Price Predictions In the fast-paced race of cryptocurrency networks, each player strives to outpace the other with superior technology and market appeal. Solana, once a leader in speed and cost-efficiency, now grapples with rising competitors [……
BlockDAG Continues Crypto-World Dominance: Celebrates CoinMarketCap Listing at Piccadilly; Find More on SOL and AVAX Price Predictions In the fast-paced race of cryptocurrency networks, each player strives to outpace the other with superior technology and market appeal. Solana, once a leader in speed and cost-efficiency, now grapples with rising competitors […… Read More
Those who own at least 1,000 Bitcoin, whether they are individuals or corporations, are referred to as Bitcoin Whales. Most do not disclose how many coins they own, but a select few have come forward.Read more…
Those who own at least 1,000 Bitcoin, whether they are individuals or corporations, are referred to as Bitcoin Whales. Most do not disclose how many coins they own, but a select few have come forward.Read more… Read More
As the crypto landscape undergoes fluctuations, the focus intensifies on the longstanding Ethereum versus Bitcoin rivalry, alongside noteworthy performances by Cosmos (ATOM) and BlockDAG. While Ethereum and Bitcoin grapple with power dynamics, Cosmos struggles with a downturn in its market value. Contrastingly, BlockDAG shines with its significant financial growth…
As the crypto landscape undergoes fluctuations, the focus intensifies on the longstanding Ethereum versus Bitcoin rivalry, alongside noteworthy performances by Cosmos (ATOM) and BlockDAG. While Ethereum and Bitcoin grapple with power dynamics, Cosmos struggles with a downturn in its market value. Contrastingly, BlockDAG shines with its significant financial growth… Read More
SUMMARY This is AI generated summarization, which may have errors. For context, always refer to the full article. This Heritage Month, Rappler brings together Senator Loren Legarda, Manila 3rd District Representative Joel Chua, and community leaders of Escolta and Quiapo to discuss how to revitalize these two historic Manila districts MANILA, Philippines – Because May
This is AI generated summarization, which may have errors. For context, always refer to the full article.
This Heritage Month, Rappler brings together Senator Loren Legarda, Manila 3rd District Representative Joel Chua, and community leaders of Escolta and Quiapo to discuss how to revitalize these two historic Manila districts
MANILA, Philippines – Because May is Heritage Month, the next episode of Rappler’s Be The Good show will be about two famous but neglected historic districts of Manila: Quiapo and Escolta.
Join lawmakers and community leaders discuss legislative measures seeking to declare Quiapo and Escolta as heritage zones. What would this declaration mean for the heritage structures in those areas? What would it mean for residents, establishments, vendors, and visitors?
Catch the panel discussion on Friday, May 10, at 7 pm, on this page and on Rappler’s YouTube and social media pages. The conversation will be moderated by Rappler head of community Pia Ranada.
Our guests are:
Senator Loren Legarda (joining virtually)
Manila 3rd District Representative Joel Chua
Robby Sylianteng of First United Building, a community leader in Escolta
Stephen Pamorada, heritage advocate and founder of The Heritage Collective
This Be The Good episode is part of the “Let’s Talk Liveability” series that amplifies community concerns about quality of life in Philippine cities. Balancing heritage conservation and sustainable and inclusive economic development is one aspect of improving life in our cities.
Send questions for our guests via Rappler’s Liveable Cities chat room
Join in the discussion virtually by sending in questions to our resource persons through Rappler’s Liveable Cities chat room. Just download the Rappler Communities app (on App Store and Play Store), tap the Communities tab, and find the Liveable Cities chat room. Tag @piaranada so we can find your questions for the show. Send your questions by Thursday, May 9, 10 pm.
If you care about liveability, you can join Rappler’s movement, Make Manila Liveable. Find out more about it here.
Be The Good is Rappler’s show about advocacies, campaigns, and issues faced by communities.
Check out previous episodes here:
[Be The Good: Let’s Talk Liveability] Commuters, cyclists watch and weigh in on Marcos’ traffic summit
Be The Good: A special panel discussion with ‘Women on a Mission’
[Be The Good: Let’s Talk Liveability] PAREX and reimagining Pasig River
Be The Good: Leo Laparan II on standing up for campus press freedom
Be The Good: Sharon Cortez on forest schools, getting kids to go outdoors
Be The Good: Nanie Guanlao and Carmela Bunyi on spreading community reading centers
Be The Good: Robie Siy on creating streets for people
Be The Good: Sabrina Gacad on helping victims of gender-based violence
Be The Good: Cielo Magno on her call to abolish confidential funds
– Rappler.com
Add a comment
There are no comments yet. Add your comment to start the conversation.
There are no comments yet. Add your comment to start the conversation.