NFT companies say doing business on App Store ‘Impossible’

NFT, or non fungible token companies say that going on the App Store is impossible and untenable for them.

While the exposure that comes with being on the App Store gives NFT companies a massive boost, most would not consider going on the platform, due to several reasons. It’s said that Apple is now taking 30% regular commission that comes from all in-app purchases per trade. Magic Eden, an NFT startup has not set foot on Apple’s ecosystem even after the Cupertino-based company reduced the commission down to 15% for those who earn less than $1 million per year.

NFT Companies

In trading NFTs, the marketplace only receives about 2 to 3 percent, and under Apple rules would stand to lose instead of gain. There’s also the matter of having a volatile exchange rate, as well as problems associated with selling non-fungible tokens in-app.

Apple has declined to comment on the NFT criticism and directed the reports to the general rules of the platform.