The ecosystem of digital assets has always created great controversy around it regarding the adoption of cryptocurrencies by large companies.
Perhaps the most notorious case was that of Tesla when it decided last year to invest part of its capital in Bitcoin to later sell part of its digital assets in 2022, safeguarding a small portion as a preventive measure against a possible price increase.
The creation of specific regulations regarding the use of digital currencies and the various digital investment tools by technology companies represents the safest way to stay out of the variations of the cryptocurrency market. You can visit bitcoin circuit to learn more information regarding digital currencies.
Apple and the crypto ecosystem
For several years, Apple has shown a negative attitude toward using and adopting digital currencies as financial instruments or payment methods.
However, during the year 2021, after observing the growth in the market capitalization of crypto assets, interest was ignited by Big Tech to become one more actor in the cryptocurrency industry in search of more significant change since the technological perspective and the valuation of its assets.
Despite joining late, it does not represent a limitation and much fewer losses for the giant technology company.
Its first interaction with the crypto ecosystem was based on the alliance with the most essential crypto payment service provider in the world known as BitPay, which offers the use of its cards through the Apple Wallet.
This new service that diversifies the portfolio of Apple products and services opens the doors to digital assets where users’ daily purchases can increase, increasing the company’s corporate value.
The sale of NFT will generate commissions for Apple.
The NFTs gained further momentum, being considered financial instruments of value transmission, from which many digital artists have mainly benefited.
After updating the existing Apple Store regulations, the rules that most caught users’ attention were those related to non-fungible tokens and applications that operate with these digital assets.
It is because the company implemented that cryptographic applications will be able to use the App Store to carry out NFT marketing and sale activities and other operations known as listing, minting, and their transfers.
It also established the collection of a 30% commission on all operations where NFTs are involved within its ecosystem.
On the other hand, the payment method established by Apple for the acquisition, sale, or exchange of NFTs cannot also be made with cryptocurrencies.
For many, the established amount could be considered excessive compared to the standard trading rates that other platforms, such as OpenSea, have, which are between 2 and 2.5%.
New crypto items on the App Store
In the new rules of the App Store, various articles related to cryptocurrencies have been considered, among which those that refer to the use, purchase, sale, and exchange of crypto assets, specifically NFTs, stand out.
In the first place, it is established that cryptographic applications may not use their mechanisms as tools for unlocking content or functions such as licenses, QR codes, and crypto wallets, among other elements.
In second place is article 3.1.1, the NFT purchase function that the applications hosted in the App Store have can be executed as long as they are services related to the issuance or creation of NFT, their offer, and the transfer final.
All this will be possible as long as the token ownership does not unlock essential and private functions of the application; however, the purchases must be executed uniquely and exclusively within the App Store.
Another article linked to cryptocurrency applications is the exchange that runs within the application, where transactions will only work and be approved in Exchanges that have licenses and permits following the legislation of each country.
Conclusion
The impact regulations established by Apple about its App could generate various impacts. Some may feel alluded to and uncomfortable, while others support the trust and security that the technology offers users of the cryptocurrency market.
On the other hand, the constant criticism of Apple’s intentions to maintain a monopoly, where the point of utility is based on NFTs, with the excessive charge, according to many followers, for transactions executed with these digital assets.