Apple and NFTs, quietly preparing…

Over the recent weeks we’ve seen a change in how the web3/ crypto commentators are talking about NFTs, and here at CIRKAY we don’t feel so alone any more.

As the values of crypto fell and trading volumes of NFTS plummeted, Companies and Brands offering proper value have started to take centre stage and we are seeing proper value, access, utility and benefits being presented as the core proposition; hello Nike.

As a side note; why is it always the brands that take the risks at the initial stages of new technology?

As if to cue, Apple also issued some new and revised some existing App Store terms that outlined their position regarding NFTs and the iOS platform.

In summary the changes are

You app can sell NFTs but only if you use Apple Pay and pay a 30% commission to Apple

You can’t use NFTs purchased outside of the Apple ecosystem to unlock content or functionality on an iOS App.

A Crypto Exchange App can allow you to trade crypto as long as they are only offered in territories where such trading is regulated and licensed.

This news has been interpreted in many ways and, if you are an app that uses NFT technology you are probably reassessing your business model for viability in this new landscape.

So what do we are CIRKAY think?

We suspect that this is Apple preparing for the launch of their own Crypto/NFT/Blockchain Wallet. They can see that the ‘token’ is going to be a ‘thing’ in the future, from loyalty schemes & ticketing through to the ownership of digital content and they want to ensure that they maintain their dominant position in the new market. This necessarily means clearing the app store of anyone working outside of the Apple ecosystem and regulations and setting down the commercial rules that they are going to operate with.

We are excited about this and hope that Google will follow soon. The multitude of wallets is a challenge that prevents uptake and is confusing to the consumer

1 Dec 2022