When It Undergoes A Significant Overhaul Prompted By EU Regulations, Would Apple Let Other App Stores?

December

16

By Awais Rasheed // in NFT

0 comments

To meet the impending stringent criteria of the European Union, tech giant Apple is going to permit users of the iPhone and iPad to install programs that are not available in the App Store in the next year.

According to those familiar with the situation, software engineering and services staff members are now engaged in “a huge effort to open up critical components of Apple’s platforms.”¬†

This release entails adjustments that allow users to download third-party apps directly to their iPhones and iPads without going via the App Store.

According to the source, Apple wants all the changes to be prepared and included in an update for iOS 17 next year.

This is a significant change to its operations and steadfast policies. Additionally, customers can sidestep many of Apple’s limitations, including the dreaded 30% commission on payments.

This also implies that more non-fungible-token (NFT)-related apps may arrive now that the company’s ecosystem has finally opened up.

Major cryptocurrency exchange Coinbase recently revealed that owing to the App Store restriction; customers may no longer transfer NFTs using Coinbase’s Wallet app on Apple devices. Apple was forcing the exchange to delete the NFT transfer option from its iOS wallet; it was further said.

According to the iPhone maker, the rationale is that Apple wants to keep 30% of the gas price and hence requires that payments for delivering NFTs be paid through the company’s exclusive in-app purchase system.

In addition, Coinbase asserted that Apple “made it a lot difficult” for users of iPhone wallets who have NFTs to give their own NFTs to friends or family members as gifts or move them to other wallets.

According to Reuters, Angelo Zino, a stock analyst at CFRA, predicted that the competing app stores in Europe would have a small financial impact on Apple, affecting less than 0.2% of the company’s overall revenues.

He claimed that most users are routine-driven and quite content with the platform, so the overall impact would be minor. We anticipate that most users will continue to use (Apple’s) current app store.

Although the company’s improvements are intended to take effect in Europe, Bloomberg’s sources stated that “Apple’s effort might set the basis for other areas” if regulations comparable to those in the EU are implemented in other nations.

Apple’s decision was anticipated considering that it was essentially compelled to make modifications in response to EU rules.¬†

For years, regulators and software developers have claimed that Apple and Google serve as gatekeepers and that legislation is necessary to level the playing field and allow for participation by others.

Although the Digital Markets Act became effective on November 1, businesses have until 2024 to abide by its regulations. Tech firms will need to make it easier to modify default settings and enable the installation of third-party programs, among other things.

About the author, Awais Rasheed

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