Bitcoin News and Finance
Apple Unveils Stricter App Store Rules for Crypto and NFTs — Critic Says Firm Wants to Keep Money in Its Ecosystem Skip to main content

Apple Unveils Stricter App Store Rules for Crypto and NFTs — Critic Says Firm Wants to Keep Money in Its Ecosystem

According to Apple’s latest guidelines for developers seeking to have their apps included in the App Store, crypto exchange applications should only facilitate the transfer of crypto funds to approved exchanges. Where payments are needed to unlock features or functionality, Apple says apps may only “use in-app purchase currencies.”

Only In-App Purchase Currencies May Be Used

In its updated guidelines for apps in the Apple App Store unveiled on October 24, Apple Inc. said crypto exchange apps “may facilitate transactions or transmissions of cryptocurrency on an approved exchange.” In addition, such transactions can only be offered “in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.”

The technology company also clarified that crypto wallet apps “may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.” However, according to the new guidelines, apps are prohibited from mining crypto and offering “currency for completing tasks, such as downloading other apps.” The only exception to the crypto-mining prohibition is when “the processing is performed off [the] device.”

Besides limiting the use of the crypto-transferring apps, the latest guidelines state that developer apps “may not use their own mechanisms to unlock content or functionality, such as license keys, augmented reality markers, QR codes, cryptocurrencies and cryptocurrency wallets.”

Similarly affected by this requirement are digital gift cards, certificates, vouchers, and coupons which are redeemable for digital goods or services. Apps utilizing the App Store’s in-app purchase function are subject to Apple’s 30% fee, which has been criticized by app creators in the past.

Pertaining to non-fungible tokens (NFT), Apple said apps may use in-app purchase when selling services related to such tokens. The technology giant also clarified that app users are allowed “to view their own NFTs” provided their ownership of the tokens “does not unlock features or functionality within the app.”

Apple also said:

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.

In a message directed at developers, Apple insisted the updated guidelines ensured “a safe experience for users to get apps” while also giving all developers an opportunity “to be successful.”

NFTs as Gateway to Crypto for Mobile Players

However, some critics including angel investor Daniel Mason have said Apple’s latest guidelines show that the tech firm is determined to stop money from going out of its ecosystem. In a Twitter thread where he offers his thoughts on why Apple has updated its app rules, Mason concedes that the enabling of non-fungible token buying via in-app purchase “paves the way for NFTs as the gateway into crypto for mobile players.”

The angel investor notes, however, that Apple’s prohibition of other purchase methods and the redirecting of users means other providers will not be able to capitalize. He said:

Apple wants to keep $$$ in the ecosystem. You can’t use other payment solutions or ‘include buttons, external links or other CTAs…’ This makes it hard for other providers to plug in and capitalize.

With respect to Apple’s nod to crypto transfers by apps of licensed crypto exchanges, Mason suggested that this requirement is more of a clarification than a new rule.

According to Mason, those seeking to compete with Apple for either primary or secondary NFT purchases are the losers. He identified exchanges such as Opensea and Magic Eden and payment ramps like Moonpay as some of the losers.

What are your thoughts on this story? Let us know what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory