Apple’s Plan to Embrace Third-Party Apps a Win for NFTs

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  • Apple is considering allowing third-party applications on its iOS-powered devices
  • This is to adhere to new European Union regulations meant to level the ground for all players
  • The move is a potential win for NFTs which have been subjected to a high tax rate on iOS-driven devices

Tech heavyweight Apple is reportedly considering allowing applications from outside the App Store to run on iOS-powered devices, especially those operated by users in the European Union (EU). This is in response to new EU regulations meant to level the ground for all players on the field. NFTs and crypto, which have been subject to a 30% Apple tax, are among potential beneficiaries of the move.

iPhone Users to Save 30% on NFT Trades

Citing people familiar with the matter, Bloomberg reported that Apple’s EU users will be able to break the chains tying them to Apple’s App Store and install applications outside the company’s native app marketplace. 

The EU Digital Markets Act, which is expected to be active from May next year, requires the likes of Apple to be fair and allow external applications to integrate smoothly with its products. By allowing third-party apps, NFT traders using iPhones can use the opportunity to sidestep the 30% Apple tax imposed on in-app purchases on apps originating from the App Store.

It’s Time for a Crypto App Store

Apart from taking 30% of all in-app purchases, Apple doesn’t allow crypto payments on applications on its proprietary application store. Reacting to the news, Rarible’s co-founder Alex Salnikov suggested the creation of an app store dedicated to the crypto and blockchain space:

The news comes roughly two weeks after Apple forced Coinbase to stop offering NFT trading on its iOS-powered app due to the 30% Apple tax. In a tweet earlier this month, Coinbase disclosed that “Apple blocked [its] last app release” since it allowed users to send NFTs outside the Coinbase Wallet without allowing Apple to take a cut of the transaction fees.

If everything goes as planned, Apple may be forced to allow third-party applications on its devices in other jurisdictions such as the United States.