Apple Guzzling 30% Commission on In-App NFT Purchases, New Report Reveals
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A report by The Information claims that Apple is pressuring companies to pay its customary 30% fee for in-app purchases on all NFT trades, discouraging startups from providing services to the users of the tech giant.
“So far, though, most see some obstacles, including the up to 30 percent commission Apple charges on in-app purchases, as well as pricing conventions that are difficult to apply to volatile digital assets,” the report added.
The media outlet also quoted Magic Eden’s co-founder and chief technology officer, Sidney Zhang, who revealed that because of Apple’s fees, the company has never attempted to provide buy and sell functions on its app despite receiving a reduced offer of 15%.
As per the marketplace, only 2% of each transaction is taken by Magic Eden.
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