Apple rolled out a new set of rules for crypto apps on its app store. The new rules included announcements for the non-fungible token (NFT) industry, allowing in-app purchase to sell NFTs and services related to them including minting, listing, and transferring.
“Apps may use in-app purchase to sell NFTs and services related to non-fungible tokens (NFTs), such as minting, listing, and transferring,” the communication said.
Apple emphasized that NFTs acquired elsewhere will not be allowed for any function other than just viewing. The rules state that apps may allow users to view their own NFTs, although the NFT ownership does not necessarily unlock features or functionality within the app.
Apple noted that “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.”
However, it also specified that apps will not be permitted to use their own mechanisms to unlock content or functionality, such as “license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets.”
This in turn may add to Apple’s recent 30% commission on in-app purchases of digital assets like NFTs. While Apple is making in-app NFT purchases accessible for users, some NFT marketplaces on the App Store are either withdrawing services or limiting functionalities due to these commissions.
Along with its updated set of rules for NFTs, Apple also added a clause for crypto exchanges on the app store. It noted that crypto exchange platforms can enable crypto transactions, provided they are offered only in countries or regions where the app has appropriate licensing and permissions.
In the wake of this new development, crypto exchanges will be able to function with more legal clarity. Nevertheless, secondary NFT marketplaces like OpenSea and payment ramps such as Moonpay will not be able to get into Apple’s payment flow.