Apple to Charge 30% “Apple tax” on NFTs – As it was justified there would be no special exemptions
As it has been under consideration if NFTs would be excluded from the Apple Taxes or if the taxes would be there. In their recent declaration, Apple clarified that NFTs would be charged 30% taxes, and no exemptions would be made.
Apple’s views on NFT Taxes –
Apple has rejected considerations to exclude NFTs from its “Apple Tax” on purchases. This means the standard 30% commission rate on NFT purchases will apply. In the recent announcements of its App Store working & chargeable guidelines, Apple has shed some clarity on its Non-Fungible Tokens or NFTs.
Apart from the commission part, NFTs are only allowed to exist within apps on the App Store, but they can’t unlock additional features or content.
Apple’s statement on the scenario –
“Apps may use in-app purchases to sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app,” the guidelines said.
The guidelines also mentioned, “Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”
Apart from in-house purchase conditions, the guidelines shed light on the legitimacy of crypto transactions in respective countries. “Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange,” it added.
Exchange listed & working terms on the platform –
Coinbase, Binance & Platinx Exchange are the cryptocurrency exchanges that already exist on the App Store. The new updates in the guidelines are believed to be providing more clarity to these businesses regarding how they model to operate on the Apple App Store.
To know more please follow through with “Apple Selling NFTs Through App Store – Is This a New Strategy To Drive Awareness Or Something Else”
