Latest Crypto News: Apple Won't Let NFTs Access In-App Functions, Nokia Foresees Metaverse Growth

Here are some important developments that hit the headlines in the last few days.
Latest Crypto News: Apple Won't Let NFTs Access In-App Functions, Nokia Foresees Metaverse Growth

Apple Inc has permitted non-fungible tokens (NFTs) in applications, but barred them from accessing in-app features and content, according to its new guidelines.

“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,” Apple said in a statement.

The company said as long as the apps don't direct users to external sites or other purchasing options, except in-app sales, users can browse other users' NFT collections.

It indicates Apple's 30 per cent fee for in-app commerce will apply for NFT transactions, way higher than 2.5 per cent transaction fee levied by the NFT  marketplace OpenSea.

According to Decrypt, as NFTs are frequently used as a key to unlock limited or exclusive material, Apple's restriction may make it more difficult to purchase and use NFTs.

HNWI, family offices to spur cryptocurrency use in Asia

A survey from professional services company KPMG China and Hong Kong-based crypto asset management platform Aspen Digital predicts that family offices and high net worth individuals (HNWI) will spearhead the adoption of digital assets throughout Asia.

The survey of 30 family offices and HNWIs in Hong Kong and Singapore, conducted in the second quarter of 2022, found that 92 per cent of respondents were interested in digital assets.

The reasons for their interest in digital assets included upside potential of digital assets, low returns of traditional financial instruments, and growing mainstream institutional interest.

Nokia Foresees Metaverse Expansion

Nokia believes the metaverse concept will likely facilitate the end of the current mobile phone craze. Although there is still much to be done with augmented reality technology, Nokia predicts consumer interest in such a technology will grow and drive metaverse expansion.

Nishant Batra, chief strategy and technology officer at Nokia, said, "Our belief is that this device will be overtaken by a metaverse experience in the second half of the decade." reported that metaverse interactions instead of phones will be the main means of communication in the second half of the decade.

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