Apple Reveals New App Store Rules for Cryptocurrencies and NFTs
Apple has updated its App Store review guidelines with additional rules for cryptoassets and non-fungible tokens (NFTs).
According to updates published on Monday, the tech giant has no problems with crypto exchanges or other applications that allow trading of digital tokens and currencies, given that these platforms have the necessary regional licenses to operate where the app is distributed.
“Apps may facilitate transactions or transfers of cryptocurrency on an approved exchange, provided they are only offered in countries or regions where the app has the appropriate licensing and permissions to provide a cryptocurrency exchange,” the guidelines state.
Also, apps can sell digital tokens, but they shouldn’t unlock additional features or content and “can’t include buttons, external links, or other calls to action that direct customers to purchase mechanisms other than in-app purchases.”
“Apps may use in-app purchases to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing and transfer,” the new guidelines state. “Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.”
This can have a very bad impact on NFT sales, as one of the main use cases for NFTs is that they can unlock access to exclusive content or other benefits. For example, the Bored Ape Yacht Club NFT offers holders access to a variety of different communication channels, merchandise and even physical clubs.
The App Store Review Guidelines are like the user guide for creating and publishing apps to the App Store. Violation of these guidelines may result in rejection or removal of the app.
Apple has 30% tax despite community backlash
Furthermore, the tech giant has maintained its 30% Apple tax on in-app crypto purchases and peer-to-peer NFT trading. This comes despite many calls from the crypto community to waive the NFT fee, which limits NFT functionality within the app.
In late September, The Information reported that Apple’s strict fee policy is keeping NFT marketplaces and digital creators out of the ecosystem. The report further claimed that it also causes projects to abandon NFT integrations outright.
Epic Games CEO and crypto supporter Tim Sweeney has also lashed out at the tech giant for its fee mechanism. September 26, Sweeney tweeted that the company is “killing all NFT app businesses it can’t tax” by “crushing another new technology that can compete with the grotesquely overpriced in-app payment service”.