SOL - What Does Apple's Controversial NFT Policy Mean for Ethereum and Solana?
The good news is that Apple (NASDAQ: AAPL) is now supporting non-fungible tokens (NFTs) in its App Store. Given Apple's massive influence in the tech world, this would seem to signal the future mass-market adoption of NFTs. The bad news is that Apple's new NFT rules are potentially so restrictive and onerous that there has already been blowback in the crypto community.
Since Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) are the two top crypto players in the NFT world, it's clear that Apple's new NFT policies are going to have an important impact on how these two cryptos move forward. Let's take a closer look at three controversial Apple NFT rules and what they might mean for Ethereum and Solana.
Apple's decision to take a 30% cut of all in-app NFT transactions is the one issue that is getting the most attention. Yes, you can now buy and sell NFTs within apps, but Apple will impose its standard 30% fee on all transactions. This "tax" has always been a huge source of contention in the tech world. There have been lawsuits fought over this, and even Elon Musk has weighed in on the matter. Some developers and creators see this 30% tax as potentially killing the NFT app business.
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What Does Apple's Controversial NFT Policy Mean for Ethereum and Solana?