Although the NFT business has been flourishing recently, it seems that app distribution on the App Store is struggling for various reasons.
Apple’s fees are the devil
NFT is an abbreviation for “Non-Fungible Token”, and refers to digital data that utilizes blockchain technology and is proven as a unique existence that cannot be replaced by others.
Although NFT has a strong presence mainly in the buying and selling of digital images, it seems that it is quite difficult to distribute applications on the App Store.
Basically, apps that mediate transactions between users usually collect 2% to 3% of the price as a brokerage fee, so if Apple collects a 30% fee, profits will be greatly impaired.
Apple has cut its fees to 15% for companies with less than $1 million in annual revenue, but many companies are still reluctant to distribute apps in the store.
Can’t use cryptocurrency
In addition to the 30% fee in principle, the fact that in-app purchases on the App Store are limited to fiat currencies such as dollars is also a barrier to entry for NFT apps.
The strength of NFT trading is that it is easy to complete digital exchanges, so there is a tendency to use cryptocurrencies as a base. It seems difficult to set.
Doesn’t Apple want it either?
The CEO of NFT startup Rarible told news site The Information, “It feels like Apple doesn’t want users to buy or sell NFTs in their App Store apps.” I will say.
In fact, it took only a few days to post the app on Google Play, but it took several months on the App Store. Even though Apple has strict screening, this difference cannot be ignored.
In an interview with The Information, Apple did not specifically mention the NFT app review delay issue, but only emphasized that the review system was in place, and refrained from making specific comments.
Source: Apple Insider, The Information
Source: iPhone Mania