Apple to allow NFT sales through App Store, but will charge a 30% commission fee

NFT sales are finally coming to the Apple App store, but with a lot of standardization and hefty transactional costs.

In a report first published by theinformation, Apple has finally allowed NFT-based apps to be bought via the App store.

Apple is a newcomer to NFT distribution, after Instagram and Facebook. However, an exorbitant 30% commission fee on NFTs bought through NFT-based apps will go to Apple.

Apple imposes a 30% commission fee on NFT sales conducted via its App Store

Apple has left several NFT startups perplexed by imposing a staggering fee on all NFT sales.

As per a Friday report published by theinformation, users will be able to buy NFTs via apps listed in the App store. Unfortunately, NFT providers will be charged a 30% commission on all sales.

Founder of Epic Games, Tim Sweeney, shared his thoughts via Twitter, addressing Apple's new price threshold as 'grotesquely overpriced'. Sweeney further noted how Apple's exorbitant fees can suffocate the entire NFT sector.

In addition, Tech blogger Florian Mueller also voiced his opinion on Apple imposing a 30% fee on NFT sales, by calling it a type of 'app tax'.

Apple's hefty commission tag has drawn criticism from the global crypto community, drawing comparisons with several other NFT marketplaces that have kept their transactional cost threshold as low as 2.5%.

The report further noted how Solana-backed Magic Eden withdrew its service from the app store after hearing Apple's hefty cost demands.

Per the report, Apple had also offered to slash its commission rate by almost 15% to accommodate Magic Eden but the Solana-backed platform did not agree to its newly formed price policy.

Get the latest on upcoming NFTs in 2022.