Shulou(Shulou.com)11/24 Report--

CTOnews.com, Sept. 25 (Xinhua)-- startups and trading NFT said they ignored App Store because apple's rules and 30% commission made them untenable.

The market value of NFT (irreplaceable tokens) is affected by fluctuations in the value of cryptocurrencies. As a result, it is reported that start-ups and trading companies in this field want to enter App Store so that they can reach a wider audience.

According to The Information, Apple now insists on charging a regular 30 per cent commission on all transactions from in-app purchases. This has particularly prevented NFT start-up Magic Eden from offering trading services on its app, even after Apple cut the commission share of companies with annual revenues of less than $1 million to 15 per cent.

In the case of NFT transactions between users, the typical market accounts for only 2 to 3 per cent of transactions. Under Apple's rules, NFT will be hit hard in every deal.

The problem, however, is not just commissions. According to the report, many NFT companies have the problem that purchases within App Store applications must be monetized in dollars or other physical objects. It does not accept cryptocurrency.

Because cryptocurrency exchange rates vary widely, developers cannot just set dollar equivalents.

This issue "makes it difficult for us to price because we have to program all these values dynamically," says Arthur Sabintsev of blockchain company Pocket Network.

Sabintsev said he had advised a customer to allow users to buy in-app currency in the same way as some games. They bought the currency, and the deal generated a 30 per cent gain for Apple, which they then used to trade within App.

Specifically, selling NFT within an application is particularly problematic.

"it feels like Apple doesn't really want [App Store] users to be able to buy or sell NFT," said Alexei Falin, CEO of NFT startup Rarible. "[this] is almost impossible because it is a fixed subscription or a fixed price."

It is reported that Apple's delay in approving NFT and encryption applications for App Store may support this view. According to Falin, it takes several months for Rarible applications to enter App Store, while Google Play Store only takes a few days.

This does mean that such applications are entering the store, but it seems that they usually just serve as promotional displays of services. The actual sale or transaction will require a browser site rather than being done in the application.

CTOnews.com learned that Apple did not specifically address delays in NFT applications, but said its 500 inspectors would check 90 per cent of apps within 24 hours. Apple also declined to comment on other NFT criticisms, instead using the general rules of App Store.

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