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The entire Web3 ecosystem has reason to rejoice at the forthcoming announcement of EU legislation. Apple currently has a strict in-app policy that is unfavorable to NFT developers and traders. This law represents a big win for NFTs as it means Apple must allow third-party app stores on its platform.
This new development EU Digital Market Law This will come into force in May 2023. The purpose of this law is to prevent large online platforms from acting as ‘gatekeepers’ in the digital marketplace.
The law is big news for Web3, where Apple is actively trying to stop or limit cryptocurrency-related transactions. First, in September 2022, Apple began charging a hefty 30% fee for NFTs traded within its apps. This meant that many budget-constrained app companies had to live up to his 30% commission. But as if that wasn’t enough, just a month later, Apple’s upcoming anti-NFT policy meant banning his NFT-gated content on the platform entirely. Additionally, the app wasn’t allowed to support cryptocurrency payments. Since Apple is a huge platform for both developers and traders, it used to be a big tipping point.
Apple is one of the world’s most recognizable brands, underpinning iOS’ dominance with its own profitable Appstore. In 2021, this app marketplace Generated total revenue of over US$85 billion Through in-app subscriptions, purchases, and premium apps. Basically the megastores that previously held back the NFT market, the new ruling gives his NFT companies a boost and a chance to compete in the competitive digital landscape.
This is an EU provision, meaning it applies only to EU member states. In any case, this is a promising development in the field of cryptocurrencies and NFTs, and we hope it will lead to additional rulings that make trading cryptocurrency products safer and easier.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Writer and author who likes to simplify the topic of blockchain technology.
