Could Court Order Revive NFT Market?
There has been an important development regarding the legal process between Apple and Epic Games. In the case filed by the giant game company to the technology giant, a new decision came from the Court of Appeal. The court declared Apple’s 30% service fee cut illegal, which also had a huge impact on the NFT ecosystem.
In the process that started in 2020, Epic Games claimed that Apple was acting as a monopoly in the market with its high cuts. In the court process initiated on this issue, the judges stated that although Apple was justified, the 30% wage cut violated the Unfair Competition Law. This decision is expected to have positive implications for the NFT ecosystem.
As it will be remembered, Apple opened its doors to the NFT ecosystem last year. He started to list NFT applications on the App Store, but stated that they can only receive payments through Apple Pay. This meant that he would leave 30% of the revenue of Web3 applications to Apple. For this reason, the expansion of the NFT ecosystem through the App Store could not reach the expected size. However, after this new development, it is stated that NFT applications may turn to the IOS universe, which has reached 1 billion devices again.
Leave a ReplyWant to join the discussion?
Feel free to contribute!