Early pioneer of the move-to-earn trend, STEPN, has broken new ground by offering NFT trading on Apple devices. However, the new development comes with a catch, users will face higher fees in order to accommodate the ecosystem’s astronomical 30% ‘Apple Tax.’
Through the new development STEPN users will face a tough choice between convenience and lower prices. Essentially, providing the means for iPhone users to purchase NFT sneakers through the Apple Pay portal, without engaging with cryptocurrencies.
To make this possible, STEPN has introduced a new in-app currency called ‘Sparks’ which users can purchase via apple pay for a flat $0.01 per token. This non-crypto token can then be used to purchase STEPN NFTs via the new IOS integrated marketplace.
STEPN Integrates Apple Pay 🍎
We are thrilled to announce that #STEPN is the first blockchain gaming app to secure a landmark integration with Apple Pay, breaking down the barrier to entry for Web3 💫
How it works ⤵️ [1/6] pic.twitter.com/wCeVzjLoHE
— STEPN | Public Beta Phase VI (@Stepnofficial) May 22, 2023
STEPN NFTs Will Hide the 30% Apple Tax in Plain Sight
In order to appease the IOS gods, STEPN has incorporated the extra fees into its NFTs prices, and hopes to disguise this burden through the new ‘Sparks’ currency. As such, recent investigation has led researchers to discover an approximately 42% increase in prices compared to crypto-native marketplaces. This figure includes Apple’s 30% fee, plus extra administration costs on the part of STEPN’s parent company, Find Satoshi Lab.
Despite this excessive fee, the new integration should considerably ease the convenience of onboarding members to STEPN. Essentially, allowing the exercise-themed gaming platform to attract Web2 users by incorporating traditional payment methods such as credit and debit cards through the Apple Pay infrastructure.
The move marks the second Web3 giant to tap into Apple’s massive userbase in recent days, following Axie Infinity’s debut on the Appstore. Going forward, all eyes will be on these two heavyweights, whose performance will determine whether further NFT companies will follow suit.