

Apple NFT Wars: Marketplaces Like Magic Eden Battle App Store NFT Tax



Magic Eden and other NFT Marketplaces say Apple's commission and fiat currency rules are keeping NFT companies away from the App Store.
NFT Tax, Fiat Transactions
Apple’s announcement that it will allow NFT apps on the Apple App Store -- clarifying what had been a gray area for some time now -- should have been great news. But there’s a catch: Apple also decided it would impose a 30% commission on sales, as well as the condition that all transactions must take place in-app in fiat currency.
Non-Fungible Token (NFT) marketplaces are under much greater regulatory scrutiny these days and subject to actions from lawmakers, and this development sets up a battle with a giant corporate rule maker in the tech world.
Many NFT companies reacted to the news by saying they will not be releasing products on the App Store. Speaking to The Information, Magic Eden Co-Founder Sidney Zhang said they have never enabled buying and selling on its mobile app due to the high commission taken by Apple.
Magic Eden, which is Solana’s leading NFT marketplace, said it will withdraw its app from the App store after the Apple commission was announced. Since then, Apple has said it will lower its commission to 15% for smaller NFT marketplaces. Other Web3 leaders like Epic Games CEO Tim Sweeney have said Apple’s plans will kill the NFT app business.
Now Apple is killing all NFT app businesses it can’t tax, crushing another nascent technology that could rival its grotesquely overpriced in-app payment service. Apple must be stopped. https://t.co/4KChp6jtFZ
— Tim Sweeney (@TimSweeneyEpic) September 23, 2022
The decision to impose a 30% commission on all transactions was roundly criticized by the NFT community. NFT marketplaces like OpenSea and Magic Eden take a commission of no more than 2.5-5%. Given the downturn in NFT prices, the 30% commission is seen by project and game owners as an imposition of Web2 practices in the Web3 space.
Some like Gabriel Leydon, CEO of Limit Break, have welcomed the decision by Apple, saying it could help bring the digital assets and Web3 wallets to millions of Apple users around the world.
Apple has decided to let developers sell NFTs inside of games/apps. Everyone is focusing on apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every single mobile game onboarding 1B+ players! https://t.co/BPJj3gD5r2
— Gabriel Leydon (FREE,OWN) (@gabrielleydon) September 23, 2022
In a bear market where NFT prices have tanked, adding even a 15% charge to NFT sales seems completely unpalatable Web3 players. Will the draw of Apple’s huge user base be enough to overcome it?
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BTC Price Predictions: Analysts Wade in on the Future of Bitcoin

Top experts have predicted a bullish price movement for BTC in 2024, primarily because of the upcoming halving event.
Bitcoin (BTC), the flagship cryptocurrency, has always been a hot topic for analysts and enthusiasts. Over the past year, many have ventured to predict its price trajectory.
As of January 1 this year, BTC was trading at $16,547, per CoinMarketCap data. This led to speculations that the crypto market might be entering a challenging phase, with many predicting that the bull run might come in 2024, in line with the halving event.
As we approach the end of 2023, let's evaluate some of these predictions and their current status.
PlanB’s Prediction:
PlanB, known for creating the Stock-to-Flow model, made a significant prediction on January 12, 2023. He stated on Twitter that Bitcoin's price of $15.5K in November 2022 would be its lowest. He further mentioned that BTC had surpassed its Short Term Holder (STH) phase and would continue to rise steadily towards the 2024 halving event.
According to PlanB, BTC will trade above $32K during the 2024 halving, expected around April, according to reports. He also predicted that the bull market would begin in 2025, with BTC surpassing the $100K mark.

So far, PlanB's forecast seems accurate. BTC has not dipped below $15.5K since November 2022 and has climbed from $18K in January to $26K currently. PlanB reaffirmed his prediction by quoting his January tweet, saying, "To be clear, I still stand by my January 12 prediction."
To be clear, I still stand by my January 12 prediction:
— PlanB (@100trillionUSD) September 18, 2023
✅ Nov 2022 $15.5k was the bottom
✅ Bitcoin will rise towards 2024 halving. BTC already rose from $18k to $27k since Jan 12.
❓ 2024 halving will be >$32k ($32k-$66k IMO)
❓ 2025 bull market >$100k ($100k-$1m IMO) https://t.co/V74Y8VYCVo pic.twitter.com/VBjsHObMMl
Tim Draper’s Prediction:
Tim Draper, a renowned venture capitalist, made a bold prediction in 2018, stating that BTC would hit $250K by 2022. As we're in 2023, this prediction has yet to materialize.
Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!
— Tim Draper (@TimDraper) April 13, 2018
However, Draper has been right before. In 2014, after buying millions worth of BTC, he predicted its price would reach $10K within three years. This prediction came true in 2017.
In an interview with Hall of Fame, Draper admitted feeling pressured to make another prediction after his first one's success. He attributed the unfulfilled $250K prediction to actions by the U.S. government. Yet, he remains hopeful, stating in December 2022 that BTC would reach $250K before the 2024 halving. He humorously added, "If it’s not $250,000 or higher, then don’t listen to me ever again on that kind of prediction."
Robert Kiyosaki’s Views:
Robert Kiyosaki, a prominent figure in the crypto space, has been vocal about his BTC price predictions. In July, he tweeted that BTC would reach $120K the following year (2024). This came after his earlier prediction of BTC hitting $500K by 2025. Despite BTC's price fluctuations, Kiyosaki has consistently advised people to invest in it and gold and silver.
SOFT LANDiNG? HARD LANDING? Or CRASH LANDING? I say crash landing. I hope I am wrong yet that is what I believe. Corruption is high & leaders corrupt. Buy gokd, silver, Bitcoin. Still best insurance against corruption & incompetence,
— Robert Kiyosaki (@theRealKiyosaki) May 18, 2023
However, his recent tweet with the caption "BYE BYE Bitcoin and US Dollar?" has left many wondering about his current stance on BTC.
BYE BYE Bitcoin & US Dollar? Citibank announced today it is offering bank block chain technology to turn institutional savings into Citibank tokens which can be used for instaneous 24/7 cross border transactions. Bye bye BC & US $?
— Robert Kiyosaki (@theRealKiyosaki) September 26, 2023
Pantera Capital and Chartered Bank
As reported by Crypto News Flash, American hedge fund Pantera Capital and Chartered Bank, a British multinational bank, have similar views about the BTC’s price.
The news outlet disclosed that Pantera Capital predicts $150K for BTC, while Chartered Bank sees BTC reaching the $120K mark in 2024. Both bold predictions have been made due to the highly anticipated halving event in 2024. Historically, Bitcoin's halving is seen as a bullish event in the blockchain industry.
What Next For BTC?
Predicting BTC's price is challenging, given its volatile nature. While some predictions are on track, others have not materialized. As with any investment, it's essential to do thorough research and consult with financial experts before making decisions. Only time will tell which of these predictions, if any, will come to fruition.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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