San Francisco, Sep 25 (TIWN) Non-fungible token (NFT) trading startups do not want to sell their offerings through Apple App Store because 30 per cent commission on in-app purchases, and other tough rules, will bleed them out.

This stopped NFT startup Magic Eden from offering trading on its app, even after Apple reduced its commission to 15 per cent for firms earning under $1 million annually.  "So far, though, most see some obstacles, including the up to 30 per cent commission Apple charges on in-app purchases, as well as pricing conventions that are difficult to apply to volatile digital assets,a the report mentioned.  A typical NFT marketplace charges just 2-3 per cent of the transaction.  However, under Apple's App Store policies, NFT startups will lose heavily on every deal.  Also, since App Store in-app purchasing must be done in dollars o r other currencies, it does not accept cryptocurrency.  Arthur Sabintsev from Blockchain firm Pocket Network was quoted as saying that this "makes it really hard to price it because you have to program all these values in dynamically."  "It feels like the position is that Apple doesn't really want (App Store) users to be able to purchase or sell NFTs," said Alexei Falin, CEO of NFT startup marketplace Rarible.  Apple said that its 500 reviewers check 90 per cent of apps within 24 hours. The company, however, did not comment on NFT startups' criticisms of the App Store.