Understand the consequences of Apple's 30% reduction in fees for iOS NFT applications that are up for adoption.
High costs must be paid to use NFT on the Apple App store due to the ease of iOS payments and because iPhones are so popular.
Apple has had a tumultuous relationship with Coinbase Wallet, a digital asset wallet, since December 2022. That month, Apple blocked Coinbase Wallet's latest update, citing the wallet's 30% commission rate as the cause. Coinbase was required to disable the application's ability to send NFTs in order to have the update approved. This has been a major source of contention between Apple and Coinbase, as the commission rate is higher than Apple's own App Store guidelines.
Apple may be forced to open up its devices to third-party app stores in the European Union by 2024 due to the recently passed Digital Markets Act. This could have major implications for the tech giant, as developers would be able to install alternative payment systems within non-Apple apps, though this law would not apply to countries outside of the EU. While Apple has yet to comment on the law, it is likely that the company will take steps to comply with the new regulations in order to maintain its presence in the European market.
Apple's recent App Store policy changes concerning NFTs have left many developers and users of the technology in the dark. However, Cointelegraph has been able to find out more information from Nodle CEO Micha Anthenor Benoliel. Nodle's app allows users to mint NFTs from their smartphones and also rewards them for participating as nodes in a proprietary decentralized IoT network. According to Benoliel, the implications of the Apple Store policy change are still unclear, but Nodle will continue to operate without interruption. He believes the policy changes are an important step towards the mainstream adoption of NFTs and is confident in the future of his app.
“It may take some time for them to fully grasp the implications of Web3 principles, but for now, it looks like they are trying to safeguard their business and customers by enforcing these guidelines.”
Apple's app store policies have been a point of contention for developers looking to experiment with non-fungible tokens (NFTs). While Android allows developers to use the Play Store in-app purchase mechanism to mint or sell NFTs, Apple's current terms and conditions box app developers in. However, according to NFT startup OpenSea's CEO, Devin Benoliel, the benefits of Apple's terms and conditions outweigh the trade-off of the closed-off environment. Benoliel believes that Apple's restrictions bring a level of quality control and trust to the NFT market.
Apple’s iOS operating system holds a near-monopoly on the U.S. mobile market, according to recent research. This is largely thanks to its convenient in-app purchase functionality, which allows iPhone users to make quick and easy payments without having to face any payment friction. Apple’s grip on the market looks set to remain strong, as it looks to build on its success in the coming years.
“The company has gone to great lengths to simplify the purchasing process and make it easier for developers to support transactions without managing sensitive credit card information.”
Nodle, a blockchain-based platform, has announced its intention to enable app users to mint unique creations by providing infrastructure to creators. However, the platform has had to shift costs to its users in order to do so on iOS devices, due to Apple's current conditions. This shift will allow users to create and own crypto assets, including digital collectibles and Non-Fungible Tokens (NFTs), while giving creators more control over their content.
“There's a catch. Apple charges up to 30% of the sale price for minting an NFT. Nodle includes this fee in its customer-facing price.”
Tech giant Nodle has recently announced the launch of its innovative 'Minting as a Service' process that allows users to easily create NFTs. Through the new process, users can use photos taken from their camera or gallery to create the Non-Fungible Tokens and pay for the minting costs using Apple’s in-app purchase. The new service also features a centralized platform that will receive and check any images uploaded by the users before it is minted using the Polkadot NFT pallet. Once payment is confirmed, the NFT will be minted, allowing users to create digital collectibles with ease.
Apple may soon incentivize users to adopt alternative solutions with the introduction of free exchange and trading of Non-Fungible Tokens (NFTs) in their apps. This revelation was made by Ran Benoliel, CEO of NFT marketplace OpenSea, in an exclusive interview with Cointelegraph.
“When you read about incoming EU laws that will force Apple to permit alternative app stores and apps without the need to go through its App Store, one can wonder if this could not happen soon in the US as well.”
According to Benoliel, an analyst and expert on Non-Fungible Token (NFT) applications, developers should still consider supporting iOS despite the current uncertainty surrounding the industry. Benoliel has argued that the convenience of the in-app purchase feature is a valuable asset for developers, as well as the massive user base that iOS has and the potential to reach a broad audience of users. With this in mind, developers should continue to evaluate the potential of iOS support for their NFT apps.
Apple has recently thrown a spanner in the works for cryptocurrency wallet applications hoping to launch on the App Store. Uniswap, a decentralized exchange, had intended to launch its iOS app in December 2022, but Apple has yet to grant them approval. The delay has put the application's future into question and left users wondering what the consequences of this decision may be.
