NFT is still a trend today and has played a part in driving the growth of the crypto market. There are both NFT enthusiasts trading on the marketplace and artists making NFTs available for sale. Now, it seems investors are prepared to recalibrate the cost as Apple is thinking of charging up to 30% commission on transactions related to it. with NFT occurring on App Store applications.
Apple to charge 30% commission on NFT sales
Developers can now freely create NFTs for sale on the App Store, but Apple is now charging a commission of over 30% for all NFT sales made on the App Store.
Apple’s levying could become a major hurdle for thinkers and developers of NFT games or applications. Major NFT exchanges like OpenSea and Magic Eden normally charge 5%.
After news that Apple would charge a fee, NFT company Magic Eden opted to remove its apps from the iOS App Store, despite Apple cutting the fee to 15% for companies that make money. Sold for less than $1 million.
While Apple allows NFT to be traded through applications built on the App Store, Apple has no plans to become a player in the cryptocurrency market or NFT. It is possible that they do not want to be scrutinized by the government like Meta (Facebook).
Currently, there are NFT trading applications built on the App Store: OpenSea, Rarible, Magic Eden, and applications from Binance, Crypto.com, and Coinbase Wallet.
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