Apple Allows Bargain Third-Party App Stores for NFTs and Crypto

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Tech giant Apple is gearing up to allow third-party app stores on its devices to comply with new European Union (EU) anti-monopoly requirements, which could be seen as a huge win for app developers. crypto and NFT applications, at least in Europe.

Under the new rules, European customers could download alternative app marketplaces outside of Apple’s proprietary App Store, allowing them to download apps that circumvent Apple’s 30% commissions and restrictions. apps according to a Dec. 13 Bloomberg report citing people familiar with the matter.

Currently, Apple has strict rules for NFT apps that practically force users to make in-app purchases subject to a 30% fee from Apple, while apps are not allowed to support cryptocurrency payments. .

Apple’s enforcement of its rule led to Coinbases’ self-custody wallet app update being blocked on December 1 because Apple wanted to collect 30% of gas fees through in-app purchases , which is clearly not possible according to Coinbase.

He then claimed that Apple wanted the wallet to disable NFT transactions if they couldn’t be made through its in-app purchase system.

Alex Salnikov, co-founder of NFT Rarible marketplace tweeted on Dec. 13 in response to news that a crypto app store might be built and would be a great candidate for a VC-backed startup.

Apple’s move to open up its ecosystem is in response to the EU’s Digital Markets Act aimed at regulating so-called gatekeepers and ensuring platforms behave fairly with some of the measures allowing third parties to interact with the guards’ own services.

It will apply from May 2023, with companies having to comply fully by 2024.

Apple hasn’t decided whether it will comply with part of the law allowing developers to install alternative payment systems in apps that don’t involve Apple. if he complies, he could open payment systems that allow cryptocurrencies.

Related:LBRY Alleges Apple Forced It To Censor Certain Terms Amid COVID-19 Pandemic

The tech giant is considering imposing security requirements for software outside of its store, like Apple’s verification, in a bid to protect users from dangerous apps.

Changes to Apple’s closed ecosystem would only apply within the EU, other regions would have to pass similar laws such as the proposed Open App Markets Act in the United States Congress by Senators Marsha Blackburn and Richard Blumenthal.

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