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Apple Released New Rules for Cryptocurrenсy Apps and Games, and It's Not Good

Tue, 10/25/2022 - 08:22
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Arman Shirinyan
Apple is capitalizing on fast-paced growth of Web3 industry
Apple Released New Rules for Cryptocurrenсy Apps and Games, and It's Not Good
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Apple released a new set of rules for crypto apps in the App Store that reflects the company's stance on NFTs, crypto and payment. Considering the size of the iOS applications market, it will certainly have an enormous effect on the development path that decentralized applications will choose for the foreseeable future.

Enabling NFT buying

From now on, developers will be able to leverage IAP to sell NFTs or offer services tied to non-fungibles like minting, listing and transferring. Technically, Apple officially created a gateway into crypto for mobile users. However, there is a downside.

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According to the aforementioned rules, developers will not be able to implement alternative payment solutions, so users will be limited in the ecosystem created by Apple. Previously, the topic has been raised by numerous regulators.

In addition to limiting payment options, Apple is not going to use NFTs as keys to unlock premium content or additional functionality. Technically, if you already own an NFT that you acquired outside of Apple's ecosystem, it will be useful in iOS applications in terms of utility.

Exchanges can capitalize on update

Exchanges like Coinbase are already capitalizing on the size of the ecosystem built by Apple and using it to facilitate crypto transfers. However, in this case, NFTs are not considered cryptocurrencies.

But thanks to the new guidelines, cryptocurrency exchanges will be able to operate with more clarity and even implement new functionality for their users. Unfortunately, secondary NFT purchases become a problem as exchanges like OpenSea, payment ramps like Moonpay and others will not be able to get into Apple's payment flow, missing out on millions of dollars in revenue.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.