Apple has made an announcement for the users using their devices. The tech giant has announced that people using their devices will be able to make use of their new features.
The company has announced that they will be introducing new features for their device users that will connect them to the world of cryptocurrencies.
Apple Launches NFT Features
The tech giant has confirmed that Apple users will have access to certain non-fungible token features. They will be able to enjoy the features offered in the non-fungible token sector.
However, the offering by Apple comes with a catch. The tech company does not want the control to be decentralized. Instead, they want to keep controlling the entire process of non-fungible tokens.
The California-based giant has been the most dominant tech entity in the entire world for years and it wants to keep things that way. It does not want to let third parties have control of its process.
Apple Shared Crypto-Related Details on Monday
It was on Monday when the officials at Apple announced that they had to update the guidelines for the usage and perception of the cryptocurrency industry.
The guidelines go on to confirm how the non-fungible tokens, cryptocurrency exchanges, and the entire crypto industry is perceived by Apple.
After making changes to the guidelines and rules for the crypto-blockchain sector, Apple has made it clear that only regulated entities will be catered to on their platform.
For any company to put their application on the Apple Store, it is important that they have the right kind of registration and approval from regulators.
They are required by Apple and the law to acquire regulatory approval within their respective countries before launching their application on Apple Store.
If a company fails to produce and provide Apple with the license acquired from their local regulators, they will not be allowed to add their app.
Therefore, it is important for any firm or company to acquire a license from their local regulators in the particular field before reaching out to Apple.
New Update for In-app Purchases
Then comes the update related to the in-app purchases. Apple has made it clear that whether it is the sale or purchase of cryptocurrencies or non-fungible tokens, they have to go through their platform.
Any application in Apple Store that offers such utility to the users has to comply with the new update. They have to meet the necessary requirements as well as be compliant with the usage of the systems.
This means that the applications will not be able to add any kind of button that takes the users to the third-party link.
Any time a person wants to buy an item through the app-based Apple Store, he needs to use the Apple payment platform.
This way, Apple is bounding the users and the applications to its own platform. It is to be kept in mind that Apple is used to charging applications heavily for in-app purchases.
Apple Currently Charges a 30% Fee
Apple currently charges a large fee to the app operators for in-app purchases. For any in-app purchases, the applications are charged a 30% fee.
This would mean that every NFT or cryptocurrency being sold through applications based on App Store would come with a 30% fee.
This is a very high amount that the app providers will need to pay. Apart from this, the app operators have other expenses that they have to clear after generating sales.
Many users are calling it a cruel and rather selfish move from Apple but the tech giant has shown no signs of getting budged.
It is worth noting that up to this point, not many cryptocurrencies or NFT applications have been launched through the App Store.
Although the company is up with stricter policies related to crypto and NFTs, still, it has a huge platform with over a billion Apple device users. The crypto industry can gain tremendously from Apple’s input.