<p>Despite the current bearish trend in the crypto space, the NFT sphere has managed to continually attract the attention of enthusiasts from all over the globe. Top tech giant Apple recently disclosed that interested dapp or game developers can now trade their NFTs on its app store.</p><p>This announcement is a clear testament to the growing influence of NFTs in the entire crypto space. Prior to this announcement, NFTs displayed in the Apple Store may have been in violation of some of Apple's policies. Clearly stating the rules as regards NFT trading is definitely a welcome development. While this is absolutely good news, the move to allow the buying and selling of NFT in the Apple Store comes with two major catches.&nbsp;</p><div class="raw-html-embed"><blockquote class="twitter-tweet"><p dir="ltr" lang="en">NFT News: <a href="https://twitter.com/Apple?ref_src=twsrc%5Etfw">@Apple</a> is now allowing developers to sell NFTs via their games/apps. <br><br>While there is a 30% of each transaction when operating within the Apple EcoSystem. It does now open the door to over 500,000,000 people visiting the App Store every week.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a> <a href="https://twitter.com/hashtag/Apple?src=hash&amp;ref_src=twsrc%5Etfw">#Apple</a> <a href="https://twitter.com/hashtag/NFT?src=hash&amp;ref_src=twsrc%5Etfw">#NFT</a></p>— SafeMoon Insider (@SFMInsider) <a href="https://twitter.com/SFMInsider/status/1573703033594286085?ref_src=twsrc%5Etfw">September 24, 2022</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><h2><span style="background-color:transparent;font-family:Arial;"><strong>30% Tax - Fair or Not?</strong></span></h2><p>The tech giant in its announcement disclosed that it will receive a 30% cut from all annual NFT sales that are over $1 million. Also, all annual NFT sales below $1 million will be charged a 15% tax cut. Also, the tech giant reveals that payments will also only be accepted in US dollars. This means that dapp and game developers looking to trade their NFTs on the Apple Store cannot make crypto payments to the tech giant.</p><p>Notably, the announcement met with a lot of backlash from both the Web 2 and Web 3 ecosystem. In a tweet, the CEO of&nbsp;Epic Games spoke on the audaciousness of Apple. Further adding that the tech giant “[...] must be stopped”.&nbsp;</p><div class="raw-html-embed"><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped. <a href="https://t.co/4KChp6jtFZ">https://t.co/4KChp6jtFZ</a></p>— Tim Sweeney (@TimSweeneyEpic) <a href="https://twitter.com/TimSweeneyEpic/status/1573377990100238338?ref_src=twsrc%5Etfw">September 23, 2022</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><p>Also, due to the announcement, Solana-based NFT marketplace Magic Eden decides to leave the Apple Store.</p><p>Game director at Cool Cats, Milan Harris, however, has a different opinion. He pointed out that the “[...] fee is worth the accessibility and user experience that can be provided directly on an Apple device. Adding that the move will to a large extent benefit video games.</p><p>The founder of Digidaigaku NFT projects, Gabriel Leydon, was also of the same opinion as Milan Harris. He points out that he is more than willing to “[...] give Apple a 30% cut of a free NFT.” Adding that, the move to facilitate NFT trading on the Apple Store is a huge win for the entire NFT ecosystem as it would expose NFTs to Apple's over 1 billion users.</p><div class="raw-html-embed"><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped. <a href="https://t.co/4KChp6jtFZ">https://t.co/4KChp6jtFZ</a></p>— Tim Sweeney (@TimSweeneyEpic) <a href="https://twitter.com/TimSweeneyEpic/status/1573377990100238338?ref_src=twsrc%5Etfw">September 23, 2022</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><p>In conclusion, while the 30% tax is definitely on the high side, the announcement is still a huge win for the NFT ecosystem.<br>&nbsp;</p>

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