Apple Has Staggering Fees for Crypto and NFTs

Apple gave to go-ahead announcement for in-app minting, selling, and buying NFTs – but it comes at a cost. The most unfortunate aspect of this seemingly convenient announcement is Apple’s cut in all NFT transactions. We’re looking at a 30% cost on top!

Understandably, creators and supporters of NFTs reeled at the prices and in an effort to cut costs, they have limited NFT transactions on the platform. This announcement also revealed a ban on exclusive access to NFT holders and links that lead them off-platform for NFT transactions.

However, there is a little silver lining on the dark cloud, which is the new updated announcement does not affect the tech giant’s existing policies that permit crypto trading within the app on platforms such as Coinbase, which is not subject to the 30% fees.

Will you be conducting crypto transactions on the Apple App Store?