Why Stepn NFTs on iOS Are Worth the Extra Apple Tax
In Brief
Stepn has launched an in-app NFT marketplace within its iOS app.
Users must pay 30% of Apple’s fees when purchasing items.
Stepn, a mobile move-to-earn game that rewards players with crypto tokens for walking and running, has launched an in-app marketplace for NFT sales within its iOS app.
Stepn enables users to earn token rewards through the app using Sparks, a new in-app currency that is not a cryptocurrency. Stepn has abstracted away the crypto elements and bundled in the extra fees in the process. In this case, Stepn has made it possible for users to purchase sneakers that enhance their NFT rewards—which are rewarded in Sparks—via the app.
Apple Pay is integrated into Steps. Through the Stepn app (via Apple Pay), users can purchase bundles of Sparks and then use them to buy the NFT sneakers using zero cryptocurrency exchanges. However, the prices in Sparks are considerably higher in converted U.S. dollars than when buying the exact same things via the web marketplace using Stepn’s own GMT token.
According to Stepn Chief Operating Officer Shiti Manghani, the price shown in the iOS app is inclusive of Find Satoshi Lab fees as part of the process of users buying NFTs through the app.
“In compliance with Apple’s policies, each in-app purchase is subject to taxation. Therefore, when using Spark credits to buy a sneaker, you may notice a price difference. This adjustment ensures adherence to the necessary regulations and reflects the added taxation,”
states Stepn’s official FAQ.
If someone sells a pair of NFT shoes through the Stepn marketplace and an iOS user purchases it, Find Satoshi Lab will pay the seller the listed price in GMT tokens, with the remaining balance in Sparks (purchased from Stepn) being used to cover fees.
The issue among decentralized app developers has been the size of Apple’s 30% cut of in-app purchases on top of other fees, such as credit card payment rates. NFT marketplaces typically charge a much lower platform fee for transactions—for example, OpenSea charges 2.5% of the sale price for trades.
Read more related articles:
- OliveX hopes you’ll work out in the Metaverse
- Apple’s mixed-reality headset features 3D iOS-like interface and advanced eye and hand-tracking
- 10 Best Free AI Avatar Apps 2023 (iOS and Android)
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
More articles
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
