Apple allows NFT in-app purchases

Apple is making waves in Web3 with the latest announcement that games and apps that sell non-fungible tokens (NFTs) can be installed and sold on the App Store.

The App Store, with more than 3.5 million apps and 984,000 games, will now allow both current apps with NFTs and new apps that sell NFTs, although Apple does not accept cryptocurrency as payment. Instead, purchases must be paid for with traditional fiat currency, something many NFT and crypto enthusiasts find problematic.

The tech giant has also been criticized for charging a 30 percent transaction fee for NFT purchases — far above the rate charged by NFT marketplaces such as OpenSea and Magic Eden.

But despite the critics, not everyone in Web3 sees Apple’s latest move in a negative light. For example, Web3-based CEO Gabriel Leydon said Apple’s NFT adoption could put an “ETH wallet in every single mobile game aboard 1B+ players.”

Until now, Apple has been hands-off when it comes to NFTs and crypto. The biggest move in Web3 we’ve seen from the company was the news that a former Apple Executive moved to Disney to execute his metaverse creative strategy. There were also rumors that the company would be dropping NFT trading cards at a developer conference — but it didn’t come to fruition.

That said, there are currently more than 113 million iPhone users in the United States, accounting for nearly half of all smartphone users. Now those users can easily access non-fungible tokens as the space continues to grow and evolve.

Big Tech Drives Steady Push in Web3

Apple’s move to allow NFTs to be sold through apps in the App Store could put NFTs in the hands of millions. But Apple isn’t the only major tech company interested in Web3 and NFTs. Here are a few other stories from top tech companies in Web3.

Apple competitor Microsoft made headlines earlier in the year when it announced that it had acquired gaming giant Activision Blizzard for a whopping $68.7 billion. Microsoft chairman and CEO Satya Nadella said gaming is the most “dynamic” category across all entertainment platforms and that it will play a critical role in the “development of metaverse platforms.”

Next, NVIDIA, a top technology company and leader in artificial intelligence, and Siemens, a pioneer in industrial automation, partnered to create a new era of the industrial metaverse. The partnership will be the merging of Siemens’ Xcelerator and NVIDIA’s Omniverse to enable a host of features for businesses to combine AI and digital twins.

Finally, Google’s parent company, Alphabet Inc., became the largest publicly traded company to invest in Web3 between September 2021 and June 2022. A report from Blockdata revealed that the company had invested in four Web3 companies in funding rounds totaling $1.5 billion.

While Apple doesn’t seem to be all-in on Web3 and NFTs yet, the move to allow apps that sell NFTs in the App Store is showing some interest. We’ll have to wait and see if the App Store is embraced by Web3 companies and startups (especially given the high transaction costs), but given the sheer number of iPhone users in America and around the world, we’re sure some people will. will do. Benefit from it.

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