NFT

Are Web2 Companies Missing the Mark in Web3?

With mixed community feelings in response to high creator fees from platforms like Apple and Meta.

NFT

Are Web2 Companies Missing the Mark in Web3?

With mixed community feelings in response to high creator fees from platforms like Apple and Meta.

With so many Web2 companies looking to enter the space of Web3, and specifically NFTs — the question becomes, do they belong and are they going about it the wrong way?

These and similar questions have been raised by various Web3 communities, specifically in response to Facebook’s approach to the metaverse with high creator fees, and most recently Apple’s similar approach to fees for NFT apps being listed on its marketplace.

News of Apple beginning to allow NFT applications on its App Store recently broke, however, what had seemed like good news was quickly overshadowed by the one catch — a 30% commission fee for all NFT-related applications to be paid to Apple. The commissions are not just one-time events, but rather on any trades that take place through the store.

Another seemingly off-putting catch in the case of Apple is that users will only be able to interact with the NFT apps using USD, as the platform currently has no public plans for the support of cryptocurrency.

Similarly, Meta’s Horizon Worlds caught users by surprise in April, as it announced a highly anticipated creator economy — that users were quickly turned off to with commission fees as high as 47.5%.

However, like everything, there is almost always a silver lining, and in the case of Apple, the NFT community on Twitter showed that they are looking at the bigger picture, and not simply short-term monetary gain.

Others like Gabriel Leydon of Limit Break tweeted that, “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,” adding satirically that he would “happily give Apple a 30% cut of a free NFT.”

In the grand scheme of things, the move of big players like Apple and Meta into the space, despite high fees, could turn out to have a massively positive effect on adoption. Especially considering these brands have global audiences in the billions.

Elsewhere, Web3 technology is reshaping mobile phones and networks.

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