Non-fungible tokens, like much of the crypto world, are in regulators’ and lawmakers’ crosshairs. But NFT startups have been just as preoccupied with another rulemaker: Apple.
With NFT volumes tanking along with the broader crypto market, marketplace startups could use a boost from using mobile apps to sell their wares. So far, though, most see some obstacles, including the up to 30% commission Apple charges on in-app purchases, as well as pricing conventions that are difficult to apply to volatile digital assets.
The result is that NFT marketplaces don’t even think about selling through an app. Sidney Zhang, co-founder and chief technology officer at Magic Eden, told The Information the startup has never tried to offer buy and sell functions on its app because of Apple’s commissions.