Apple Selling NFTs Through App Store – Is This a New Strategy To Drive Awareness Or Something Else

NFTs on the App store –

As the news surfaced, Apple is providing a new opportunity of buying NFTs via its app store. It will not only increase the reliability of NFTs but also it will help in easing out the whole process. People know everything about how the app store works, its structure, and its payment module.

It is an effective distribution channel for any new product. Allowing NFT sales would provide aid to creators and artists and drive awareness among the end customers.

Hurdles in the Process –

Apple allowing the sale of NFTs in the app store has a few loops. The sales and purchase of NFTs on its app store will only be permitted in US dollars and not in crypto. Moreover, Apple is using the Web2 monetization model, taking a 30% commission from developers generating over $1 million annually and 15% from those generating lesser.

Audius is also a Web3-based music streaming platform. It hosts more than 1 million songs and offers services to over 250,000 artists. It intentionally avoids using the usual Web3 hype to sell itself. This decision only helps them in taking out more profits by reducing the technological costs involved in the process.

Apple’s interest in the Process –

As stated earlier Apple is charging a fee for placing NFT trade-in app store. Also, it can be bought using USD and not crypto assets. So it may be just a gesture to drive awareness for NFTs among new users by providing them, confidence in platform safety. But it would no doubt generate sales for Apple as well.