The dominance of Apple's App Store is hurting NFT startups, according to a new report. 👀
many marketplaces are reluctant to offer NFT purchases through iPhone apps because of the eye-watering commission taken by the tech giant.
This is a big problem for NFT marketplaces. They often take a more modest commission of about 2% or 3% of a crypto collectible's value — meaning they'd make $2 or $3 if an NFT sold for $100. But unfortunately for them, Apple wouldn't want 30% of the company's $3 revenue — they'd want $30 of the whole $100.
Executives at top NFT brands told the news outlet that Apple's policies are harming their business models at a time when trading volumes are already suppressed because of the bear market. They argue that, if Apple's policies were to be softened, it would serve as a huge boost during a time of difficulty.Apple has long faced scrutiny over how it runs the App Store, which is hugely influential considering that most American consumers have iPhones.
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