- Apple has updated its App Store guidelines to include a 30% tax on NFT purchases
- The new rules also prohibit apps from linking to outside sources to prevent users from side-stepping the commission
- The update has forced NFT marketplaces like Magic Eden to stop offering their services to Apple users
Apple has updated its App Store guidelines to introduce a 30% tax on all in-app NFT purchases. The move comes after the company put NFTs in the same cluster as other purchases made on iOS and iPadOS-powered applications. The tech giant has also prohibited apps from linking to outside services to prevent those who may be tempted to circumvent the commission from doing so.
All Purchases are In-App
In an update on Monday, the rules see Apple exclusively mention NFTs for the first time. The new guidelines open the door for in-app NFT purchases but discourage users from getting NFTs from external sources, which will be turned into ‘view-only’ status. Apple has also taken the opportunity to allow for NFT listing among other services.
However, the App Store has prohibited NFT-focused apps such as OpenSea and Magic Eden from providing users with links or other ways to pay for purchases from outside the app. It also blocks apps from offering in-app functionalities that can only be activated using cryptocurrency.
No Tax on Crypto Trades, But Exchanges Must be Licensed
Although Apple maintained its stand on not subjecting in-app cryptocurrency trades to the 30% tax, it clarified that cryptocurrency exchange apps will only be available in countries where an exchange has obtained regulatory greenlight.
The new guidelines come roughly a month after the crypto community expressed their displeasure with the exorbitant commission on NFT purchases.
Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped. https://t.co/4KChp6jtFZ
— Tim Sweeney (@TimSweeneyEpic) September 23, 2022
Popular NFT marketplace Magic Eden expressed its dissatisfaction with the new rules and indicated it’ll stop supporting iPhone users while other marketplaces deactivated the purchase feature on their apps on the platform.
Being in its early days, it’s yet to be seen whether Apple will maintain its stand in the face of growing criticism from NFT lovers and marketplaces.
