The post Apple Will Charge a 30% Fee for All NFT Transactions appeared first on Coinpedia Fintech News
Apple is gearing up to impose a 30% cut on NFT transactions on its marketplace. The commission is standard for Apple, however, some NFT developers and others have expressed their infuriation at the company’s excessive cut in sales. Notably, some condemn the commission rate for being “grotesquely overpriced”, especially when it is compared to standard NFT marketplace commissions, which are floating around 2.5%.
As per the report, Solana (SOL) NFT market Magic Eden withdrew its service from the App Store after knowing about the policy, even after Apple offered to lower its cut percentage to 15%. Other NFT marketplaces on the App Store have supposedly limited their functioning due to the high commissions. Also, some are choosing to consider the positive side of the company’s move.
Source: https://coinpedia.org/crypto-live-news/apple-will-charge-a-30-fee-for-all-nft-transactions/