NFT startups have been growing in numbers since last year. Several investors think that spending dimes on non-fungible tokens can net them a nice profit. However, some NFT sellers struggle due to high transaction fees. It seems Apple will catch up to its rule of sticking to a 30% commission from the NFT marketplace.
According to Apple Insider, some NFT trading firms are reportedly interested in exploring doing business on the App Store. Although a small number of companies express their desire to be on the App Store, other startups do not want to get involved with the tech titan.
For the in-app NFT purchases done on the App Store, Apple is taking a 30% commission on all trades. The Information recently noted that Magic Eden, a known NFT gaming startup, has withdrawn its service on the App Store after learning about this policy.
It should be noted that all transactions made in the App Store will involve US dollars. This is because the iPhone maker does not want to do transactions using cryptocurrencies.
Because of this, the exchange rate of cryptos could vary as a result. The developers will have no way to set an equivalent value of them in USD.
When Apple learned about the Information's news, the company said that the imposed higher fees could possibly drive away NFT startups from entering their marketplace.
