iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Apple's 15%- 30% commission too high for NFT apps

26 Sep 2022 , 11:02 AM

Startups trading non-fungible tokens (NFTs) do not want to sell their products through the Apple App Store because 30 percent commissions on in-app purchases and other stringent requirements will suffocate them.

Apple insists that all transactions include the standard 30% fee from in-app purchases.

Even after Apple lowered its commission to 15% for businesses making under $1 million a year, this prevented NFT startup Magic Eden from allowing trading on its app.

A typical NFT market takes 2% to 3% of the transaction as its fee.

However, NFT startups will lose money on every deal due to Apple’s App Store restrictions.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Apple
  • NFT
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.