Apple impone un impuesto del 30% a los NFT ¿Cómo perjudicará a la industria cripto?

Apple imposes 30% tax on NFTs, how will it hurt the crypto industry? by BeInCrypto

© Reuters. Apple imposes 30% tax on NFTs, how will it hurt the crypto industry?

BeInCrypto – Apple (NASDAQ:) has created new regulations on NFT trading and cryptocurrency swap apps on the App Store. As the tech giant explained, the rules for iOS apps that perform NFT transactions will change. Although NFT has given the green light to buying, selling and printing in practice, it will also impose heavy taxes on these activities.

On October 24, Apple announced that all non-fiscal token (NFT) transactions on iOS devices must use Apple’s Rails app for in-app trading. Where Apple will take 30% of all transactions. The company has also created a new policy on cryptocurrency exchanges at the Apple Store.

The 30% tax cut will be a huge setback for unmatched token creators and marketplaces.. It is clear that developers and market apps will choose to limit in-app NFT functionality for iOS rather than lose a large portion of their revenue.

It will also affect the operation and service delivery of NFTs and other blockchain applications on iOS devices.

A major setback for the Web3 venture?

Apple accounts for more than 23% of the global smartphone market. There are more than 240 million active iPhone users around the world. Due to the company’s decision to charge such an exorbitant fee for in-app NFT functions, this large user base will now have limited access to NFT services.

Overall, this is a major setback for the Web3 initiative. It has come so far with revolutionary innovations around NFTs and blockchain, but has been suppressed by institutional money hunters. Although from a corporate and compliance standpoint, it’s understandable that tech giants want to put a certain tax on such transactions. However, the 30 percent rate that some might call “armed robbery” is unreasonable. It’s a grotesque price compared to the average 2.5% commissions of mainstream market apps.Like Magic Eden and OpenSea.

it is important to understand that traders will be left with little or no income after paying gas fees, trading fees, and then Apple’s additional 30% tax. The company’s new regulations also clarify that these apps may not contain buttons, external links, or any other call-to-action that could direct users out of the app to complete NFT operations. QR codes or cryptocurrency wallets are also prohibited for in-app transactions. Users can only complete transactions on such apps through Apple’s built-in Rails e-commerce system. To add further frustration to this strict process, Apple lets users buy NFTs with fiat currencies, not crypto.

In the case of Magic Eden, it has withdrawn its services from the App Store since the announcement of the new policy.and other apps in the NFT market are also reducing the functionality of their apps. Most apps now only allow users to browse collections and view the disparate coins they have.

New Apple regulations: Possible implications for the NFT industry

Apple’s new policy will only have a limited impact on the core NFT market. This is because most markets are easily accessible via web browsers and can be traded through web3 wallets such as Metamask. The biggest damage will be experienced by blockchains and dApps that use disparate tokens as part of their ecosystem..

New innovative Move2Earn or Burn2Earn projects such as Amazy, Stepn and FitBurn face a greater challenge. These apps encourage users through NFTs for various fitness activities. Additionally, non-tradable tokens are critical to their ecosystem, with all the in-app interactions revolving around these digital assets.

Due to the new Apple regulation regarding NFTs, these projects have to redesign their in-app solutions and rebuild their websites to offer more accessibility alternatives. It’s not just not only delay the development and launch of the project, but also strain their budget. For projects already established in the market, this new tax could lead to a rapid collapse in the project ecosystem and distort the token price..

As a result, it can be said that Apple’s decision to impose a 30% tax on NFT transactions is unprecedented, ridiculous and outrageous for the entire web community3. This policy shows that tech giants are more in favor of increasing their profits than being open to innovations. It looks like Apple will face a lot of backlash and condemnation from the crypto community in the coming months. Therefore, it will be a real challenge for the company to stick to this decision.

About the author: Dr. Dmitry Mikhailov

Dimitry Mikhailov is the Scientific Director of Farcana. He is a seasoned research scientist, professor, speaker, entrepreneur and business innovator. It combines Big Data, artificial intelligence and engineering to create new products that increase sustainability and efficiency in technology, biopharma, heavy machinery and environmental protection. Dimitry has been working in the blockchain and crypto industry since 2019. He wrote a book on blockchain-related risks, published numerous articles on crypto and cybersecurity, and holds a United States patent on a cold crypto wallet (Use of Secure Chips for Storage of Hash Data and Private Keys in Hardware Crypto Wallets). US 11132673, published 9/28/2021 .

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The opinions posted on BeInCrypto should not determine any financial decisions of the readers, they are the personal opinions of the author.

How will it hurt the crypto industry after Apple imposes a 30% tax on NFTs? first spotted on BeInCrypto.

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