Gadgets Africa
  • News
    Flutterwave gets payments licenses in Egypt

    Flutterwave gets payments licenses in Egypt

    How Kenya sets pace with eco-friendly policies

    How Kenya sets pace with eco-friendly policies

    2023 census: How Zinox Technologies bagged FG's N85bn contract

    2023 census: How Zinox Technologies bagged FG’s N85bn contract

    Microsoft launches Bing, Edge with ChatGPT functions

    Microsoft launches Bing, Edge with ChatGPT functions

    WhatsApp users can now post voice notes as statuses

    WhatsApp users can now post voice notes as statuses

    US startup powers electricity grid with used EV battery

    US startup powers electricity grid with used EV battery

    Nissan to acquire 15% Renault EV stake

    Nissan to acquire 15% Renault EV stake

    Fraud: US court clears Elon Musk over 2018 Tesla tweet

    Court declares Musk not guilty over Tesla tweet

    Pinterest lays off 150 staff

    Pinterest lays off 150 staff

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

Apple clarifies NFTs, cryptocurrency rules on App store

by Sam Adeniyi
October 25, 2022
in News
Reading Time: 1 min read
Apple loses position as most valuable firm globally -Report
Share on FacebookShare on TwitterShare on Telegram

Apple has explanied what apps are supposed to do with the new technologies of non-fungible tokens and cryptocurrencies.

The company made the disclosure in the updated App Store rules released on Monday.

The tech giants said apps may facilitate “transactions or transmissions of cryptocurrency on an approved exchange.” But the app can only be offered within countries or regions where it has licensing and permission to operate a crypto exchange only.

“Apps may not use their own mechanisms to unlock content or functionality,” such as cryptocurrency wallets of any kind.

The rules stated that apps may use in-app purchases to sell NFTs and sell services related to them, such as minting, listing, and the transferring of these tokens.

Apps can also allow users to browse NFT collections owned by others so long as the apps do “not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

Apple stated that they take an up to 30% cut in-app payments which was the subject of a high-profile lawsuit between Fortnite developer Epic Games and Apple.

While this does not ban NFTs in any way, it does put a major restriction on the kind of services that can be offered involving NFTs, given the 30% slice Apple takes.

Though Apple’s 30% cut has long been criticized by app makers who accuse the technology giant of running a monopoly over in-app purchases.

However, Apple argues that control over the App Store allows it to ensure the security of apps and payments and its productive app ecosystems which developers can make money from.

Tags: ApplecryptoNFTs

Related Posts

Flutterwave gets payments licenses in Egypt
News

Flutterwave gets payments licenses in Egypt

by Alex Omenye
February 8, 2023
How Kenya sets pace with eco-friendly policies
News

How Kenya sets pace with eco-friendly policies

by Alex Omenye
February 8, 2023
2023 census: How Zinox Technologies bagged FG's N85bn contract
News

2023 census: How Zinox Technologies bagged FG’s N85bn contract

by Alex Omenye
February 8, 2023
Microsoft launches Bing, Edge with ChatGPT functions
News

Microsoft launches Bing, Edge with ChatGPT functions

by Alex Omenye
February 8, 2023
Next Post
Why I am buying Twitter - Elon Musk

Elon Musk to close Twitter deal Friday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

How crypto assets regulation can increase govt revenue

How crypto assets regulation can increase govt revenue

May 3, 2022
FTX boss Bankman-Fried arrested in Bahamas

FTX boss Bankman-Fried arrested in Bahamas

December 13, 2022

Trending.

India fines Google $162m over market dominance

US to sue Google over digital ad control

August 11, 2022
FG, EU launch electric motorcycles for rural communities

FG, EU launch electric motorcycles for rural communities

April 7, 2022
Twitter, IG lock Kanye West's accounts over antisemitic posts

Twitter, IG lock Kanye West’s accounts over antisemitic posts

October 10, 2022
Mobile subscriptions hit 222 million in 2022

Mobile subscriptions hit 222 million in 2022

January 23, 2023
Nigeria ousts kenya atop Africa’s crypto adoption rank

Hackers steal over $600 mn in major crypto heist

March 31, 2022
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version