Apple’s most forceful in-app policies against NFTs are coming to an end, according to an impending EU Act. This signifies a hefty win for NFT developers and traders in the EU since Apple will now allow 3rd-party app stores on its platform. This advancement will come to fruition through the European Union Digital Markets Act, which will go into effect in May 2023. Let’s dive into further details.
Apple and the European Union Digital Markets Act
The aim of the EU Digital Markets Act is to prevent large online platforms from acting as “gatekeepers” in digital markets. It ensures that online platforms like Apple operate in a fair manner. Moreover, this development is a substantial win for the NFT community since Apple has tried to capture a large share of the market. In October, the tech giant started applying a 30% App Store fee to NFTs that were traded on their app. To specify, this meant that startups had to limit their apps’ functionality because they had to face the sizable fees. Additionally, Apple continued its process to curb the growth of emerging technology by banning NFT gated content on its platform.
Furthermore, the EU DMA comes at a time when NFTs have become paralyzed thanks to Apple’s policies. Now the potential of NFTs on Apple’s platform will become apparent, and the companies implementing them will have more leeway.
As a reiteration, the act only pertains to the European Union. However, its implementation could possibly lead to more efficient and fair NFT transactions in other parts of the world.