Apple's 30% Tax on iOS NFTs Ruled Illegal, Could Open Door for Crypto
A federal appeals court has ruled that Apple's 30% tax on in-app purchases of NFTs is illegal, a decision that could have major implications for the industry.
A federal appeals court has ruled that Apple's 30% tax on in-app purchases of NFTs is illegal, a decision that could have major implications for the crypto industry.
Court Ruling Challenges Apple's App Store Policies
In a landmark decision by the U.S. Court of Appeals for the Ninth Circuit, Apple's 30% tax on NFT transactions has been deemed illegal. The case, brought forward by Epic Games, creator of the widely popular Fortnite video game, argued that Apple's App Store policies were anti-competitive.
The court, siding with Epic Games, found that Apple's policy of mandating developers to utilize its in-app payment system for all NFT transactions was in violation of California's Unfair Competition Law. It concluded that Apple's policy hindered competition and stifled innovation within the NFT market.
Significance of Court Ruling
This ruling is a significant triumph for both Epic Games and the broader crypto industry. It may lead to reduced NFT prices and increased market competition. Additionally, the decision could make it easier for developers to create and sell NFTs on iOS devices.
Quote: "This is a big win for consumers and developers alike," said Tim Sweeney, CEO of Epic Games. "Apple's anti-competitive practices have stifled innovation and competition in the NFT market for too long. This ruling is a step in the right direction."
The recent ruling marks a considerable setback for Apple, a company long scrutinized for its App Store policies. Although Apple is expected to appeal the decision, its outcome remains uncertain. In the interim, this ruling could profoundly impact the NFT market and the entire crypto industry.
