Apple has updated the App Store guidelines with new rules regarding NFTs
“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase,” the message says.
At the same time, apps cannot use their own mechanisms to unlock content or features, such as license keys, augmented reality tokens, QR codes, cryptocurrencies and cryptocurrency wallets, etc.
Apps can make it easier to transact or transfer cryptocurrency on an approved exchange, as long as they are only offered in countries or regions where the app has the appropriate licensing and permissions to provide a cryptocurrency exchange.
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The main points were explained by the former founder of Spring Labs and angel investor Daniel Mason in his Twitter.
In his opinion, in this way Apple demonstrates its desire to work with cryptocurrency applications (especially games), but on its own terms. The Cupertino giant wants to get more money by allowing NFT purchases through IAPs, banning external links, and limiting cryptocurrency purchases to licensed exchanges.
Last Friday, Oct. 21, Singapore’s High Court ruled that NFTs and digital assets can be considered a form of property. The decision comes after the Singapore High Court on May 13 issued an injunction to stop the sale and transfer of ownership of Bored Ape No. 2162, formerly owned by a Singaporean named Janesh Rajkumar. The injunction is said to be the first in Asia aimed at protecting the NFT.
According to court documents, the plaintiff is trying to recover NFT, which was used as collateral for a loan from an anonymous NFT collector named “chefpierre,” who remains missing and unrepresented in court documents.
Although the plaintiff said he bought NFT with the intention of keeping it, he also frequently used it as collateral for borrowing cryptocurrencies from the NFTfi lending platform.
Previous court documents stated that the plaintiff had successfully used NFT collateral for several loans and paid them back. He indicated in the loan agreements that he did not want to relinquish ownership of NFT and would repay the loan in full in order to claim it back.
After the plaintiff failed to pay the “chefpierre” within the agreed upon time frame, the plaintiff asked for an extension, with the lender offering to refinance the loan, and the plaintiff agreed to do so.
According to Singapore law firm Withers KhattarWong, chefpierre breached the extension agreement and foreclosed on the loan, resulting in NFT being released from escrow in chefpierre’s purse.
After this incident, Judge Lee granted the plaintiff’s request to serve the court documents to “chefpierre” via Twitter, Discord, and the “chefpierre” cryptocurrency wallet address.
The new ruling could set a precedent for NFT to be recognized as property in court.
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