Is Apple Hindering GameFi and NFT’s Growth?

ChainPlay

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one year ago

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As the world becomes increasingly interested in non-fungible tokens (NFT) and cryptocurrency, Apple has released new policies concerning these assets. CNBC reported that Apple will only authorize cryptocurrency transactions in countries where digital asset exchanges are allowed to operate, showing the company’s compliance with international efforts to regulate virtual currencies.

The Impact of Apple’s Policies on Crypto Gaming

While many organizations, including Microsoft and Starbucks, have embraced cryptocurrency, Apple has implemented stricter rules for its app store. The company’s policy states that in-app purchases must be used to unlock features or functionality within apps, and that mechanisms such as license keys, augmented reality markers, QR codes, cryptocurrencies, and cryptocurrency wallets cannot be used for this purpose. Apps that contain “buttons, external links, or other calls to action that steer customers to purchasing methods other than in-app purchase” are not permitted to use NFTs, according to the company’s October prohibition.

This rule has raised concerns about the future of the crypto gaming industry, as it may present barriers for developers looking to enter the space. Cryptocurrencies and NFTs have the potential to revolutionize the gaming industry, allowing for new forms of in-game purchasing and the creation of unique, one-of-a-kind virtual items. However, if developers are required to use in-app purchases, they may not be able to fully utilize the benefits of these technologies.

These policies are causing issues for exchanges like Coinbase as well. Earlier this month, Coinbase reported that Apple blocked a wallet update due to the exchange’s inclusion of a feature that allows users to send NFTs. Apple wants "30 percent of the gas prices as well, which is not even technically viable or practicable, nor does it make any sense," according to InfiniGods' Chief Strategy Officer, Caleb Smith.

Owen O’Donoghue, the former director of gaming at Facebook, has pointed the finger at Apple for hindering the growth of the crypto gaming industry. O’Donoghue, who spent ten years in this role and three years as a Partner Account Manager at Microsoft, believes that the implementation of tighter rules and fees by app stores is holding back the adoption of crypto gaming as a whole. He sees crypto gaming as a valuable tool for attracting more users to Web3 and believes that iOS should lift its restrictions on this sector, just as Android did earlier.

Statistical Data

According to The Block Research, nearly $4 billion has been invested in Web3 gaming studios and games this year. Despite this, blockchain games only attract around one million daily users. Some industry leaders see gaming as a key way to tap into the estimated $153 billion mobile gaming market and unlock the potential of web3. However, the growth of crypto gaming is reportedly being hindered by companies like Apple, whose policies and fees are causing difficulties for exchanges and developers.

According to some statistical data, three out of four investors worldwide are joining the cryptocurrency market because of GameFi, and 44% of investors believe that the entry of traditional gaming companies into GameFi is the key driver for its growth. With a user base of around 1.2 billion iPhone users and 2.9 billion active users on Facebook, the potential for crypto gaming is significant. However, it remains to be seen whether companies like Apple will lift their restrictions and allow the sector to reach its full potential.

Wrapping up

While the challenges presented by Apple’s policies cannot be denied, the growing interest in GameFi and the entry of traditional gaming companies into the sector could drive the growth of the crypto gaming industry despite these obstacles. As the use of NFTs and cryptocurrencies becomes more widespread, it will be important for developers to find ways to navigate the rules and regulations put in place by companies like Apple in order to fully take advantage of these technologies.