Technology giant Apple has released guidelines directing how developers can create and facilitate in-app purchases of non-fungible tokens (NFTs) in their iOS apps.
With an updated App Store review guidelinesApple said developers will be allowed to issue NFTs in their apps, but they cannot be used to unlock additional features or content.
Apple users will now be able to trade NFTs directly from the app with an in-app purchase feature that will allow them to create, list and transfer NFTs.
However, developers are not permitted to integrate functionality to redirect users to purchase NFTs from other platforms.
Apps may not allow users to browse NFT collections owned by others, provided the app does not include buttons, external links, or other calls to action that direct customers to purchase mechanisms other than in-app purchases. , said Apple.
Additionally, the app cannot unlock additional features related to cryptocurrencies or cryptocurrency wallets.
Apple said developers could optimize their apps to facilitate cryptocurrency trading only on licensed exchanges.
Concern over 30% tax on NFTs
Apple’s move to allow in-app purchases of NFTs received mixed reactions from the cryptocurrency community. The majority say Apple is only in it for the money.
In-app purchases in the Apple store are generally subject to 30% tax. As a result, all NFT purchases from the iOS app will incur a 30% surcharge.
Epic Games CEO Tim Sweeney A strong critic of Apple’s high tax rates, he said Apple only supports taxable NFTs and bans non-taxable ones.
For cryptocurrency enthusiasts, this means Apple will add a 30% tax on so-called true ownership of digital goods.
For those who criticize cryptocurrencies, this shows that Apple’s only motivation is money. For digital items, they support taxable NFTs and prohibit non-taxable NFTs. https://t.co/RWZC1rSUwh
Tim Sweeney (@TimSweeneyEpic) October 24, 2022
Michael Rubeneli, Chief Gaming Officer at Tyranno Studios, said in a previous CryptoSlate interview that Apple’s 30% tax will lead to a significant revenue cut for NFT creators.
