Mobile NFTS: Apple's Feint-Uppercut

In classic Apple fashion, after settling a lawsuit that would allow expansion of NFT-friendly apps in their store, they clamped down hard on these same apps in a move that could strangle NFT-based apps completely. The big news recently is that Apple blocked Gnosis Wallet’s mobile app update, stating that it violates the ToS because it “stores NFTs”. Apple goes on to say that if an app stores or displays NFTs then it must also sell them on the mobile app (and Apple would take their 30% in-app purchase fee), or NFTs should be removed from the app entirely.

However, Gnosis Wallet iOS app has been storing NFTs for many months, so this decision is unexpected news. Many other NFT-based apps, like Opensea and Magic Eden, also allow viewing, though not purchasing, of NFTs on their mobile version, so how Apple plans to roll out this update to their ToS could have a big impact on how the NFT market functions in the future.