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Apple clarifies NFTs, cryptocurrency rules on App store

Apple has explanied what apps are supposed to do with the new technologies of non-fungible tokens and cryptocurrencies.

The company made the disclosure in the updated App Store rules released on Monday.

The tech giants said apps may facilitate “transactions or transmissions of cryptocurrency on an approved exchange.” But the app can only be offered within countries or regions where it has licensing and permission to operate a crypto exchange only.

“Apps may not use their own mechanisms to unlock content or functionality,” such as cryptocurrency wallets of any kind.

The rules stated that apps may use in-app purchases to sell NFTs and sell services related to them, such as minting, listing, and the transferring of these tokens.

Apps can also allow users to browse NFT collections owned by others so long as the apps do “not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

Apple stated that they take an up to 30% cut in-app payments which was the subject of a high-profile lawsuit between Fortnite developer Epic Games and Apple.

While this does not ban NFTs in any way, it does put a major restriction on the kind of services that can be offered involving NFTs, given the 30% slice Apple takes.

Though Apple’s 30% cut has long been criticized by app makers who accuse the technology giant of running a monopoly over in-app purchases.

However, Apple argues that control over the App Store allows it to ensure the security of apps and payments and its productive app ecosystems which developers can make money from.

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