Apple is Greedy – Say Bye Bye to Your NFTs

We all know that big corporations are doing everything to increase their profits. They sacrifice the environment, annihilate competition and have no problem destroying people’s lives if it is against their policies. And their policy is pretty simple: money above everything.

By Drake FlyerPublished about a year ago • 3 min read

Apple is Greedy – Say Bye Bye to Your NFTs

Imagine there are thousands of different apps that have their teams, own function and purpose. Their only common thing is, that they are using one – let’s call it Store. Here, a majority of users access these apps. Now suddenly this Store decides, that if the app wants access to their Store, they will need to pay 30% on every transaction within the app.

OpenSea charges 2,5%. It is true that they don't earn billions in profits, but it is also true, that they don't hide those profits in tax-save heavens.

How can 1/3 of any purchase be profitable for any app, any user. Users quit, apps fail and progress stops.

Where to go from here?

On one hand – is this even legal?

On the other hand – will users and apps will migrate to other Stores?

Now the problem is: what if there is no other store?

What if this one Store destroyed all the other stores.

Anyhow…if this Store wants money, it will get money and destroy everything on its way.

No one can save you, except you

You may say – we have governments that protect us from “anticompetitive” behavior. But if the Store can afford anything – from legal to illegal activities, there is – in reality – nothing that will save you as an individual. Only as a group, we can achieve and fight against big corporations – remember GameStop?

So back to Apple’s new NFT update:

“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.” Source

What does that mean, and how far are they willing to go with it? Options:

1. Every purchase must be done through Apple – a 30% fee is unavoidable.

2. Only purchases done with cash (excluding crypto payments) must go through Apple.

3. ?

Apple goes even further. If your NFTs have a certain function within the app, you need to pay 30% Apple Tax. No money for Apple, no NFT for you. But - NFTs are allowed to exist within apps on the App Store—they just can’t unlock additional features. Which is the main point of future NFT development.

Revolution

Even prominent figures - Epic Games CEO and crypto supporter Tim Sweeney – said that Apple must be stopped, because their overpriced in-app payment service is crushing the development of new technologies.

It’s funny though – because Apple's argument when the use of the USB-C charger was made obligatory by the EU, was: “This will crush development.” But in reality, they meant – “This will lower our profits.”

Anyhow – I have no problem buying an Android phone.

I’m just afraid, that everyone else will follow suit. Just like with “not-including chargers to your new phone, because it is bad for the environment – but you can buy one separately with even more waste material.”