Apple has reconsidered its contentious position on non-fungible coins. The IT business has modified its NFT standards with straightforward wording.
Apple Updates NFTs
Apple Insider reported that Apple defined its NFT guidelines for iOS applications on October 24. The IT company gave its first approval for in-app NFT minting, purchasing, and selling. New rules:
“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring.”
Despite crypto community pleas to exclude it, the tech corporation has maintained its 30% Apple Tax on in-app crypto purchases and peer-to-peer NFT trading in the latest upgrades.
Apple Bans NFT Content Unlocking
In addition to tax regulations, Apple prohibits applications from employing non-fungible tokens to unlock content or features. Apple stressed that the app would only enable customers to see their NFTs if NFT ownership does not unlock features or capabilities. Guidelines added:
“Apps may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and crypto wallets.”
Industry analysts claim that the new rules’ enforced restriction may discourage users from acquiring NFTs, which they sometimes utilize to open token-gated content.
The Moonbirds NFTs and the Bored Ape Yacht Club (BAYC) NFTs are ideal examples of organizations that will probably be impacted by the new regulations. Exclusive access to different communication channels, goods, and other benefits are provided by these NFT collections to their NFT holders.
The Information explained in a previous article how Apple’s 30% charge regulations were driving NFT marketplaces and producers out of its ecosystem and sometimes causing them to forgo NFT integrations altogether. It is predicted that the new rules would worsen the situation in this aspect.
Thanks to Dominic Kimani at Business 2 Community whose reporting provided the original basis for this story.