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Stepn, a mobile โmove-to-earnโ game that bonus players with cryptocurrency cryptoย tokens for walking and running with specialized Non-Fungibleย Tokenย (NFTs), has launched an in- application marketplace for NFT sales within its iOS application for Appleโs iPhone. Furthermore, developer Find Satoshi Lab has integrated Apple Pay for purchases using credit and debit cards.
Mobile applications typically doย not allow for Non-Fungibleย Tokenย (NFT) purchases on the secondary market asย aย resultย of the complexities introduced by Apple and Google charging a 30 percent fee on most in- application purchases. That includes Non-Fungibleย Tokenย (NFTs), which means application developers would either must charge users that extra fee to transact on mobile, or otherwise eat the fee as part of theย expense of doing business.
Stepn has done the previous here, but in a way that abstracts away the cryptocurrency elements and bundles in the extra charges in theย procedure. In this case, Stepn has made it possible for users to buy Non-Fungibleย Tokenย (NFT) sneakersโwhich enable users to earn cryptoย token rewardsโthrough the application via a new in- application currency wasย known Sparks, which is not a cryptocurrency.
STEPN Integrates Apple Pay ๐
We are thrilled to reveal that #STEPN is the 1st blockchainย tech gaming application to secure a landmark integration with Apple Pay, breaking down the barrier to entry for Webย 3.0 ๐ซ
How it works โคต๏ธ [1/6] pic.twitter.com/wCeVzjLoHE
โ STEPN | Public Beta Phase VI (@Stepnofficial) May 22, 2023
Users can buy bundles of Sparks through the Stepn application (via Apple Pay) and then use them to buy the Non-Fungibleย Tokenย (NFT) sneakers, with zero interactions with digitalย currency along the way. Onย theย otherย hand, the prices in Sparks are considerably higher in converted Unitedย States dollars than when purchasing the exact same items via the web marketplace using Stepnโs own GMT cryptocurrency token.
Forย instance, a particular pair of sneakers was listed for 110 GMT this morning, or about $31.40 accordingย to the price of GMT at the time per CoinGecko. Buying the same Non-Fungibleย Tokenย (NFT) via the iOS application would cost $44.60 worth of Stepn Sparks at the fixed value of $0.10 per Spark (446 Sparks). Thatโs a 42 percent increase. Another direct comparison for a different Non-Fungibleย Tokenย (NFT) purchased through both scenarios showed a nearly 43 percent difference.
Stepn Chief Operating Officer Shiti Manghani confirmed to Decrypt that the price shown in the iOS application is inclusive of charges that Find Satoshi Lab handles as part of theย procedure of users buying Non-Fungibleย Tokenย (NFTs) through the application. Stepn has minted Non-Fungibleย Tokenย (NFTs) across Solanaย (SOL) Ethereumย (ETH), and BNB Chain.
โIn compliance with Appleโs policies, each in- application buy is subject to taxation,โ Stepnโs official FAQ states. โ Thisย isย why, 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.โ
If someone sells a pair of Non-Fungibleย Tokenย (NFT) shoes through the Stepn marketplace and itโs purchased by an iOS user, then Find Satoshi Lab will pay the seller the listed price in GMT cryptoย tokens, with the remaining balance in Sparks (which were purchased from Stepn) then used to cover fees.
Appleโs 30 percent cut of in- application purchasesโand potential other charges in the mix around offering in- application currencies and handling credit card paymentsโhave been a sticking point for decentralized application (dapp) developers. Typically, Non-Fungibleย Tokenย (NFT) marketplaces charge a much smaller platform fee for handling transactionsโ forย instance, OpenSea charges 2.5 percent of the sale price for trades.
Several applications have simply decided not to enable in- application Non-Fungibleย Tokenย (NFT) trades, such as Non-Fungibleย Tokenย (NFT) marketplace Magic Eden and the Non-Fungibleย Tokenย (NFT) monster-battling game Axie Infinity, which just rolled out its โliteโ iOS application pastย week without Non-Fungibleย Tokenย (NFT) trading capabilities. Inย theย meantime, NBA Top Shot maker Dapper Labs stated this year that it hoped to find a solution to enable in- application Non-Fungibleย Tokenย (NFT) trades in the future.
Appleโs policy hasnโt changed here, it appears. Instead, Stepn found a way to work within the regulations, devising a way to enable trades at a higher cost to users by using a new in- application currency and packaging in the charges for buyers. Decrypt reached out to Apple for clarification on its policies, but did not instantly hear back.
It remains to be seen whether convenience outweighs the hassle of making users go to the web marketplace and handle digitalย currency instead. Web2 applications have had to navigate this dilemma in the past, including Twitter and its Blue subscription serviceโwhich prompted owner and CEO Elon Muskย (Teslaย &ย SpaceX CEO) to complain about Appleโs cut and inย theย end raise the price of subscriptions on iOS.
Apple asย ofย now prohibits applications from sending users to an external web portal to pay for a service, or accept external payments, although legal challenges may force the tech giant to open up.
Still, Manghani stated that Appleโs substantial reach makes this effortโand the higher prices for usersโworthwhile as Non-Fungibleย Tokenย (NFT) application builders try to figure out how to play nice with Web2 platforms. She stated the Apple Pay integration inย particularย as โa giant step forwardโ as Stepn intendsย to onboard 100 Million more users into Web3.
Appleโs enormous scale โcomes a huge responsibility to its users,โ Manghani stated, โespecially in a space now infamous for scams the size of FTX to daily rug pulls. So the caution they exercise here is understandable.โ
โ Thisย isย why, as a business, we are greaterย than excitedย to comply with their [regulations] and build relentlessly [based on] their feedback to enable genuine user adoption from Web2,โ she added. โThis has been the cornerstone of our growth and fruitful collaboration.โ
