The 30% commission charged by Apple does not pass

There are some decisions that simply should never see the light. Nor Apple did not understand anything the economy of non-fungible tokens (NFT), or he tried a maneuver that could have paid off. In all cases, the commission charged by the multinational on each transaction involving an NFT it does not pass through the ecosystem. And for good reason, it’s exorbitant! An unfortunate decision, because this option could have paved the way for startups in the sector.

Good news, which in the end is not one. Here’s how to summarize the recent decision of the multinational Apple. Indeed, a few days ago the company announced in the press authorize the sale of NFTs through its AppStore app. Which inevitably benefits the entire ecosystem which ends up having a larger audience.

This lack of introduction, unfortunately, could almost cast doubt on the true intentions of Apple which – it must be said – does not follow up on its initial approach. Because it imposes at the same time a 30% fee on each NFT transaction. The reactions, more negative than conflicting, quickly made themselves felt within the ecosystem. Some point to a commission unjustifiedtotally free from market prices.

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Epic Games CEO comments on the situation

Among the reactions, the CEO ofEpic games Tim Sweney released a Twitter statement about it. He claims that the electronics giant was going “crushes another technology nascent taking such action. Specifically, he explains that Apple is “killing every NFT app company it can’t tax, crushing another nascent technology that could rival. its grotesquely overrated in-app payment service ”.

Because it must be understood that, while Apple usually applies this standard fee to every application that passes through the App Store, no player in the NFT ecosystem charges such a sum! In fact, in general, the amount of the commission fluctuates between 2 And 4%. For comparison, they are only 2.5% of the main OpenSea NFT market. Therefore, the American company would logically have had to respect market prices.

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This information has already had consequences within the ecosystem. In fact, the NFT Magic Eden market withdrew from the App Store, due to the commission amount. But others still decide to stay there for the time being.

Despite this crazy decision – and devastating for the companies concerned – we can still find one positive point: Apple has over a billion users. In terms of visibility and democratization alone, we couldn’t do better.

You too, don’t wait any longer! Participate in the democratization of cryptocurrencies and, more generally, of the ecosystem. Register without delay on the FTX reference platform (commercial link). And get a discount on your trading fees, for life!

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