OpenSea's CEO Proposes Collaborating with Apple to Develop NFT Applications

Devin Finzer, the CEO of OpenSea, intends to collaborate with Apple on developing non-fungible token (NFT) applications. Finzer thinks he can collaborate with Apple to promote the NFTs sales, which is presently unavailable via the Apple app store.

Dec 25, 2022
by Anvi Saini
OpenSea's CEO Proposes Collaborating with Apple to Develop NFT Applications
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The CEO of OpenSea wants to Collaborate with Apple

Tech giant Apple has been in the spotlight after the company's 30% tax on NFT applications. Many marketplaces claim that applying this tax on NFTs sold via the Apple app store is impossible. Plus, Apple has expressed worry about the regulatory structure around NFTs.

In an interview with The Information, Finzer said that Opensea, the biggest NFT marketplace by trading volume, is willing to collaborate with Apple. They plan to develop an app to facilitate NFT trading on the platform. Not to mention, Finzer said they would like to collaborate with Apple to allow the development of the app. He believes that this is what people want. If Finzer can get this transaction for OpenSea, it would be a great development for the firm and increase its market share.

Finzer's comments follow Apple's announcement of plans for alternative app stores that would conform with the European Union's regulatory framework last week. This modification may open the way for a new set of applications on the platform while supporting those offering NFT services.

The adjustment would also address the issue NFT businesses have raised since the tech giant has the same taxation policy for NFT transactions as other in-app purchases. The community feels this tax accusation cannot apply because of the nature of NFTs.

Apple will not waive its 30% cost for NFTs

Despite widespread criticism, Apple has refused to exclude non-profit organizations from the 30% "Apple Tax" on in-app purchases. In October, the tech giant amended its regulations for iOS applications handling NFTs, permitting the minting, buying, and selling of NFTs.

Despite the approval, NFTs are unlikely to be supported on the platform due to the high cost. Apple charges a 30% fee for all in-app NFT transactions. Since the charge would consume a major portion of earnings, NFT producers and markets have resisted utilizing the platform.

Furthermore, Apple does not accept NFTs for in-app transactions. As a result, it is doubtful that the programs providing NFT mints would take cryptocurrencies in exchange. These constraints have discouraged artists and markets from integrating NFT services into the Apple App Store. 

In response to the demands, Coinbase recently said that satisfying the conditions was impossible for them. They contend that due to the nature of blockchain, NFT, and transactions, such efforts are impractical. Because of problems processing the charge, Coinbase NFT has stopped offering its services on the app store.

Nonetheless, the policy shift revealed in October was the first time the tech giant has released precise rules for NFTs on its app store. However, Apple has not revealed any intentions regarding cryptocurrencies or if they would be supported in the future.

What’s Next

According to reports, Apple is contemplating enabling alternative app stores to comply with new EU legislation. The app may open the way for a new generation of applications using non-fungible tokens. Dan Finlay, a former Apple staff turned Metamask wallet creator, recently shared his disbelief in Apple. He believes the industry should exit the App Store because of Apple's 30% tax on in-app sales. According to him, this is an "abuse of monopoly." 

As cryptocurrency companies work to expand the functionality of their mobile applications to provide consumers with an alternative to browser-only experiences, many apps are being rejected or deleted from the iOS App Store due to Apple's tax laws. Such laws may seem arbitrary in an increasingly digital age

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