Apple's latest move into NFTs could be a game changer for Web3 🤯; Samsung's taking a page out of Apple's playbook & launching a credit card in India 💳; The platformization of financial technology 🚀

FinTech is Eating the World, 27 September

Hey Everyone,

And happy Tuesday! Today’s issue is especially hot as we’re going to look into Apple's latest move into NFTs (& why it could be a game changer for Web3 and industry in general), Samsung that’s taking a page out of Apple's playbook & launching a credit card in India (when Samsung Pay Later? 👀), and the platformization of financial technology (& why it’s the way forward for FinTech). Let’s jump straight into the hot stuff:

Apple's latest move into NFTs could be a game changer for Web3 🤯

The news 🗞 Tech powerhouse Apple AAPL 0.00%↑ now allows non-fungible tokens aka NFTs to be bought and sold through applications listed on its App Store. This effectively means that developers of current apps can sell NFTs in-app and new apps can install NFTs within them.

More on this 👉 Before this decision, apps that were storing or displaying NFTs may have been breaking Apple’s rules. Now, developers can sell NFTs with Apple’s blessing.

Similar to Google’s GOOGL 0.00%↑ Google Play policy, Apple applies its existing Web2 monetization structure, taking a 30% cut from app developers who make over $1 million through the ‌App Store‌ on an annual basis, and 15% making less than that.

For the perspective, the leading NFT marketplace OpenSea charges a 2.5% commission on NFT sales.

Why this matters? 🤔 While many say Apple just implemented a 30% NFT tax that might be unaffordable for some and may even kill small NFT businesses, this kind of thinking massively misses the big picture.

And the big picture is that Apple's latest move into NFTs could be a game changer for the industry and Web3 in general. Here’s more on that + the takeaway: