Apple Takes Unexpected Steps for Blockchain and NFT
Last week, Apple took down an NFT marketplace app. It was alleged that the application called Sticky, which Apple suddenly banned, misled consumers by selling NFTs that could not be resold and also not stored on a blockchain.
But recent reports say that Apple is "eliminating its competitors" as it develops its own NFT and blockchain network. Apple's repressive NFT plan raises an interesting question: Is Apple entering the world of NFT?
Will Apple Have a Monopoly of the NFT Market?
It doesn't make much sense for Apple to remove NFT apps from the App Store for no reason. The technology giant, which earns money from these applications by receiving service income from the App Store, said that it took the last move to protect users from fraud.
New claims from industry sources suggest that Apple also wants to have a monopoly in the NFT market. The gaming category is the most popular industry in the App Store, generating tens of billions of dollars a year for Apple, and gaming companies are more likely to adopt NFTs. But suspending in-app payments for mobile games could result in a huge loss of revenue for Apple. Because the company takes 30 percent commission on every in-app payment.
Apple is not hostile to NFT and crypto-based applications. NFT marketplaces like OpenSea and Raible are available on the App Store, but these apps only allow users to view NFTs.
Most legitimate NFT initiatives have been debating how to move forward in the mobile world lately, but Apple's clear guidelines could push developers to bypass App Store rules and go for web-based experiences.
Another option Apple can turn to is to set up its blockchain platform and allow NFT sales. This can ensure users can trust NFT platforms in the App Store.
Any instructions from Apple on how smart contracts are written and which ones are allowed to be used would mark a major shift in the crypto world and cause plenty of turmoil in the developer ecosystem. However, Apple will have a hard time ignoring this market for a long time.