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Stepn launches in-app NFT marketplace with Apple Pay integration

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TL;DR Breakdown

  • Stepn launches in-app NFT marketplace within its iOS app, allowing users to buy and sell digital assets directly.
  • The integration of Apple Pay streamlines transactions, enabling users to purchase NFTs using credit and debit cards.
  • Stepn circumvents Apple’s 30% fee by introducing an in-app currency called Sparks, abstracting the crypto elements and incorporating the fees into the process.

Stepn, the innovative mobile “move-to-earn” game that rewards users with crypto tokens for physical activity, has taken a groundbreaking leap in the blockchain world. The app has unveiled its in-app marketplace for NFT sales, accessible within its iOS app for Apple’s iPhone. Moreover, Stepn has integrated Apple Pay, enabling users to make purchases using credit and debit cards.

Enabling NFT purchases and streamlining transactions

Typically, mobile apps do not support NFT purchases on the secondary market due to the complexities associated with the 30% fee imposed by Apple and Google on most in-app transactions, including NFTs. App developers face the choice of either passing on the extra fee to users or absorbing it as a cost of doing business. In this case, Stepn has opted for the former, albeit with a twist that abstracts the crypto elements and incorporates the additional fees into the process.

Stepn has introduced an in-app currency called Sparks, which allows users to purchase NFT sneakers directly within the app, bypassing the need for cryptocurrency transactions. By using Apple Pay, users can acquire bundles of Sparks, which can then be used to buy the NFT sneakers. However, it’s worth noting that the prices in Sparks are considerably higher in U.S. dollars compared to purchasing the same items via Stepn’s web marketplace using the GMT crypto token.

Navigating Apple’s policies and taxation

Shiti Manghani, the Chief Operating Officer of Stepn, confirmed that the price difference is due to the fees handled by Find Satoshi Lab when users purchase NFTs through the iOS app. To comply with Apple’s policies, each in-app purchase is subject to taxation, resulting in an adjusted price to cover the necessary regulations and reflect the added taxation. This allows Stepn to mint NFTs on Solana, Ethereum, and BNB Chain, ensuring adherence to Apple’s guidelines.

The integration of Apple Pay into Stepn’s platform marks a significant milestone for both the app and the broader Web3 ecosystem. By simplifying the payment experience and eliminating the need for crypto wallets, Stepn aims to bridge the gap between Web2 and Web3, making blockchain technology more accessible to the masses. Yawn Rong, Co-Founder of Find Satoshi Lab, hailed the integration as “a giant step forward” as Stepn sets its sights on onboarding the next 100 million users into Web3 technology.

Implications and challenges of Apple’s policies

Apple’s 30% cut on in-app purchases and its resistance to supporting crypto apps have posed challenges for decentralized app (dapp) developers. While some apps, like Stepn, have found ways to work within the regulations, others have chosen to exclude in-app NFT trades altogether. The recent court ruling that deemed Apple’s policy of not allowing third-party payment methods as “unlawful” could potentially bring changes to the company’s payment practices, paving the way for greater operability of Web3 apps on iOS platforms.

Despite the higher prices incurred through the Stepn app due to Apple’s fees, the integration with Apple Pay presents a significant opportunity for Stepn to tap into a vast user base. The collaboration with Apple has been crucial for Stepn’s growth, allowing the app to comply with regulations while fostering collaboration and driving genuine user adoption from Web2 to Web3.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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