Apple decided not to exempt NFTs from the 30% apple store tax
Apple decided not to exempt NFTs from the 30% apple store tax

Apple decided not to exempt NFTs from the 30% apple store tax

Apple in its IOS apple app store has decided not to exempt the regular platform charges of 30% from the sales of NFTs, from its various in-applications purchase of the apple application store. These charges are considered as the apple tax on all the in-app purchases of the app users or the customers of the device.

Apple decided not to exempt NFTs from the 30% apple store tax
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What are NFTs?

NFTs are considered tokens, which are non-fungible in digital terms, which means these digital tokens can not be replicated or duplicated by any other entity and these have to be sold or purchased from an identical purchase only. the process which makes these NFTs special is the negligible scope of duplicity in all the processes of NFTs in this transaction. There is no duplicity in this transaction because the transactions in these tokens are stored in blockchain technology. NFTs are considered digital investment options in the 21st century because of this non-duplicable and instant investment option.

What is peer-to-peer NFT?

On these NFT platforms, the users are allowed to make the NFTS and then continue the operations like the sale or buying, or auction of these NFTs, in this manner the NFT owners can work on the creation of various NFTs. Most of these peer-to-peer NFTs are created and sold on platforms like OpenSea or Rarible. The important aspect of these NFT platforms is that there are significant listening orders placed on the platforms. This gives the buyers multiple options to purchase from the platforms.

Why does the Apple store charge 30% for an in-app purchase?

Apple enlists this 30% in-app purchase charge as the developments and the process of continuous upgradation of the IOS platforms. The changes are levied by the company for all the app prices from the platforms, apart from this 30% fee, the company is having one more small plan of 15% for the small-sized app developers who are not having scalable transactions from the in-app purchase. Apple is able to collect approximately $1 million in revenue every year alone from these in applying changes in the apple store.

What is the difference between an Android store and an Apple store?

Android store is the platform provided for IOS device users who use apple smartphones. This apple store is available only to apple smartphone users. But, contrary to this, android users can be anything ranging from various smartphone operators who are having android usage access to their smartphone. The android app store is introduced into various smartphones because of the tier up of the android operating system which is made by google with multiple operating systems for multiple smartphone users.