Good news for NFT apps. EU passes law to allow third-party app stores on Apple

It’s a win for crypto and NFT app developers, European Union has directed Apple to allow third-party app stores & apps on Apple devices.

Apple is known to have stringent rules against NFT & crypto apps on its App store. There has been a tug-of-war between NFT marketplaces and Apple regarding the listing of NFT apps on the App store and how the NFT transactions are paid.

Earlier Apple allowed NFT apps to list on its App store but with certain conditions. One of which is charging 30% commission on every NFT transaction. On top of it, it pushed NFT apps to only process NFT transactions using Apple Pay and not the regular blockchains like Ethereum or Binance.

Given the fact, NFT marketplaces charge a mere 2-3% commission on every transaction, they refrained from listing their apps on the App store. Top marketplace on Solana blockchain, Magic Eden expressed its disinterest in the move by Apple.

In another scenario, Coinbase iOS wallet app was forced to disable the NFT transfer function by Apple until they agree to process the payments using Apple Pay. In a tweet, they expressed the issue while communicating the policies of Apple to its users.

Things took U-turn after EU passed the law under the anti-monopolistic requirements that forced Apple to permit third-party app stores & apps without the need to go through its App Store. The news is welcomed by crypto & NFT app developers.

As per the new rules, European customers will have the right and authority to download and use alternative app stores or apps outside of Apple’s proprietary App Store. This will allow the apps to leapfrog 30% commission charged by Apple for NFT apps.

Many marketplaces like Rarible welcomed this decision. The rule will come into the act in May 2023 with businesses needing to comply latest by 2024. The decision is applicable to all the regions within the EU.

Meanwhile, Apple is deciding whether or not to comply with the new rule.

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