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.
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