Apple Again Taking Exorbitant Cuts, This Time Eyeing NFT Startups

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The world’s richest corporation is at it again with its commissions, cuts, and percentages pushing developers to the wall.

As if the crypto winter wasn’t enough for the struggling NFT developers, Apple decides to impose its app tax on NFT sales. This will not only make life further miserable for the developers but also take the living soul out of NFT technology.

Apple Again Taking Exorbitant Cuts, This Time Eyeing NFT Startups

This new imposition of trade tax will push NFT startups to windup and take shelter somewhere else.

According to an insider report on the information, Apple has told the NFT startups that it must sell NFTs through in-app purchases which means that Apple will collect up to 30% commission of the transaction, on all trades.

This act has made NFT startups reconsider their decision to go to the App store to reach a mass audience.

When we compare Apple’s commission with other NFT marketplaces, the commission difference is astronomical. Other NFT marketplaces only take 2% or 3% of the trade.

So, Apple, after taking lion’s share, will only destroy the NFT startups.

It does not end here, Apple is also insisting that NFT firms should use a physical conventional currency for in-app purchasing, not any cryptocurrency.

To make it simple, Apple does not want its users either to buy or sell NFTs. Well, it seems that the public needs a messiah who can impact and talks sense to Apple, either it could be Biden, Judge Yvonne Gonzalez, or God.

Tim Sweeney, Epic Games CEO and founder, termed it as Apple “killing all NFT app business it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment services.”

It is evident that Apple won’t let any technology or system sprout which challenges its monopoly. Plaintiffs like Epic needs to highlight and point out such inconsistencies and discrimination to the courts.