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Apple is allowing NFT in-App purchases

Apple is allowing NFT in-App purchases

Apple is making waves in Web3 with its recent announcement that it will allow games and apps selling NFTs to be installed and sold in its App Store.

The App Store, home to more than 3.5 million apps and 984,000 games, now allows existing apps with NFTs and new apps which sell NFTs — though Apple doesn’t accept cryptocurrency as payment. Rather than, buys must be paid for with traditional fiat currency, something many NFT and crypto enthusiasts find difficult.

The technology giant is facing criticism for charging a 30% transaction fee on NFT buys — much higher than the rate charged by NFT marketplaces such as OpenSea and Magic Eden.

But apart from the critics, not everyone in Web3 sees Apple’s newest move as a negative light. For instance, Web3-based Gabriel Leydon said Apple’s NFT adoption could put an “ETH wallet in every mobile game with 1B+ players.”

So far, Apple has been tight-lipped about NFTs and cryptocurrencies. The biggest move we’ve seen in Web 3 from the company was the news that a former Apple Executive was moving to Disney to run its metaverse creative strategy. There were also rumors about the company dropping NFT trading cards at a developer conference – but that did not come to fruition.

However, there are presently more than 113 M iPhone users in the US, nearly half of all smartphone users. Now these users will have easy access to NFTs as the space continues to grow and develop.

Big technology is making constant push into Web3

Apple’s move to sell NFTs via apps in its App Store can bring NFTs into the hands of millions of people. But Apple is not the only big technology company interested in Web3 and NFTs. Below are some more stories from top technology companies in Web3.

First, Apple’s rival Microsoft made headlines earlier this year when it revealed it was buying gaming giant Activision Blizzard for $68.7 billion. Microsoft Chairman and CEO Satya Nadella stated that gaming is the most “dynamic” category across all entertainment platforms and will play an important role in the “development of metaverse platforms.”

Second, NVIDIA, a leading technology company and leader in artificial intelligence, and Siemens, a pioneer in industrial automation, teamed up to create a new era of the industrial metaverse. The collaboration will see Siemens’ Xcelerator and NVIDIA Omniverse join to provide companies with a myriad of features to combine AI and digital twins.

Finally, Google’s parent company Alphabet Inc. became the largest public-related company to invest in Web3 from September 2021 and June 2022. Blockdata reported that the company has invested in four Web3 companies in investment rounds totaling $1.5 billion.

Although Apple does not seem to be all-in on Web3 and NFTs yet, this move to allow apps that sell NFTs in the App Store shows some level of interest. We will have to wait and see if the App Store catches on with Web3 companies and startups (particularly given the high transaction fees), but given the large number of iPhone users in the US and around the world, we’re sure some people will benefit from it.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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