New Apple Guidelines Limit NFTs on App Store

Apple follows the expanding adoption of non-fungible tokens and cryptocurrencies. However, it implemented new rules for using these technologies on its products and services.

You are probably one of those people who have been getting into NFTs and cryptos. Consequently, you must learn how your experience will change with Apple devices.

This article will discuss the new rules regarding NFTs on the App Store. Also, we will cover the other crypto updates from Apple.

NFTs on App Store have limited permissions.

Photo Credit: cointelegraph.com

Non-fungible tokens, or NFTs, record ownership of physical and digital goods via blockchain or cryptocurrency networks. Nowadays, people often use it to collect digital art. 

Nowadays, Apple allows NFTs on App Store. Its programs may list, mint, and transfer non-fungible tokens.

People may also view their NFT collection on their iPhones, iPads, and other Apple devices. However, the tech firm recently added a few limitations.

Update 3.1.1 allows apps to show NFT collections, but they must sell these electronic artworks. Specifically, these programs may not show external links, buttons, or calls to action for buying NFTs.

Users may only purchase NFTs on App Store, specifically the built-in payment system. Moreover, it prohibits apps from providing special access to users.

These include sharing QR codes and cryptocurrencies. More importantly, users may not unlock more features within apps.

Crypto exchanges should have proper licenses.

Photo Credit: thehill.com

Cryptocurrency exchanges enable users to buy, sell, and store cryptos like Bitcoin and Ethers (Ethereum). Most of them allow access via web browsers and apps.

Binance and Coinbase are some of the most prominent platforms worldwide. Also, you may download their apps on your iPhone.

NFTs on App Store use cryptos, so Apple implemented guidelines for the exchange platforms. The Revised Update 3.1.5(iii) says: 

“Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.”

Crypto exchanges must only operate in regions that allow them. For example, the Philippines is a growing crypto hub that has rules on such online exchanges.

Conclusion

Apple allows cryptocurrencies and non-fungible tokens on its products and services. However, related apps must follow its new guidelines.

Most of the rules forbid selling NFTs to protect its customers. Similarly, this article does not provide investment advice.

Consult a financial advisor if you need help building your portfolio. Also, research cryptos and other assets before investing. Start by reading blockchain articles on Inquirer USA.