Apple has become the latest platform to embrace non-fungible tokens. As of September 2022, Apple, one of the largest tech companies in the world, has begun allowing apps for the purchase and sale of NFTs to be listed, installed, and sold through its App Store, which currently has over one billion users.
This development comes on the heels of the Ethereum Merge, whereby the Ethereum blockchain, the most widely used blockchain for NFTs, transitioned from a " proof of work" consensus mechanism to an environmentally friendly "proof of stake" model. It also follows a series of NFT-related announcements from other large platforms and tech companies, including:
- Twitter launching NFT verification for profile pictures ("PFPs")
- Reddit introducing NFT avatars
- TikTok releasing creator-led NFT collections
- Meta allowing users on both Facebook and Instagram to share their NFTs and digital collectibles
Though Apple has faced criticism for taking a 15-30% cut of in-app NFT purchases, their foray into the NFT space may be a catalyst for onboarding millions of users to blockchain technology. As more major platforms continue to embrace this new technology, the popularity and range of use cases for NFTs will continue to grow.
This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.
This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.
Originally published by the New York Legal Ethics Reporter
This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.
This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.
