Apple will take a huge cut of NFT sales made through the App Store

Apple has been revered as one of the best technology companies since the early 1980s, when it became a public company and its share prices skyrocketed. Over the years, it has, expectedly, updated its use guidelines. To keep up with the current NFT and web3 fad, Apple has now allowed NFT sales and related services via their apps.

Since Apple has now greenlighted NFT and similar sales via their apps, they will be taking a 30 percent cut from each sale, according to Video Games Chronicle. The guidelines now read: “Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.”

Although Apple approved of NFT and similar sales via their apps, they do not approve of functionality or NFT ownership: “Apps may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets, etc.”

Essentially, Apple is now taxing your bought digital goods, and according to Tim Sweeney, CEO of Epic Games, this shows Apple’s sole motivation is money.

Sweeney has been vocal against Apple over the past few years, especially since his company sued Apple in 2020 after Apple blocked Fortnite from the App Store over a dispute with in-app payment methods.