Apple recently made drastic alterations in App Store policies, with a major impact on cryptocurrency and NFT apps. The moves come after a U.S. federal court ruled that Apple was in breach of a 2021 antitrust practice-related injunction.
Major Alterations in Apple's App Store Policies:
โข External Payment Links: Developers may now add buttons or links in their iOS apps pointing to external sites for buying things, such as those with cryptocurrencies. The update enables the purchase to happen outside Apple's in-app purchasing mechanism, which previously charged a 30% fee.
โข NFT Transactions: Apps are now allowed to enable buying and selling of NFTs on secondary markets within the app itself, as long as they follow other App Store Review Guidelines. This move makes it easier for users to conduct NFT transactions on iOS devices.
โข Repeal of "Apple Tax": The court judgment bars Apple from charging fees on purchases made outside its iOS apps. This judgment effectively puts an end to the so-called "Apple Tax," enabling developers to keep the entire revenue from off-platform transactions.
Implications on Developers and Users:
These changes to policies have been projected to greatly influence the crypto space:
โข For Developers: Having the choice of directing customers to other modes of payment outside their application while avoiding extra cost helps expand means of making money and minimizes operation expenses.
โข For Users: Adding NFT platforms and exterior forms of payments in apps contributes to increased usage of applications with better and lower-cost transaction operations.
These changes represent a huge turnaround in the way Apple is thinking about digital assets and can lead to further innovation and adoption throughout the crypto space.
