Why is Apple being so Web2 about things and monopolizing potential NFT profits on its platform instead of sharing them with the Web3 builders?
Today's headlines
But first — subscribe to our newsletter.
Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts
Editor's Note: Why Apple Is Being So Web2 about NFTs
Molly Jane Zuckerman writes...
This week, a new update to Apple's App Store put even more barriers in place for crypto apps — NFT ownership cannot "unlock features or functionality within the app."
While NFTs can exist within mobile apps (this feature doesn't block you from scrolling through NFT galleries on your phone, for example), it puts the kibosh on NFTs on iOS ever moving past their basic function as pieces of art or tokens. You want your NFT collection to give token holders access to special group chats, discounts on merch or paywalled products? Not on Apple's watch.
The App Store had already come out with a pretty clear sign that it wasn't looking to work with NFT-based apps a few months ago, considering that Apple will take 30% of all NFTs sold via its app platform. So why is Apple so down on NFTs?
A better question might be… why is Apple being so Web2 about things and monopolizing potential NFT profits on its platform instead of sharing them with the Web3 builders?
One answer is that Apple is simply doing what is profitable (and safer, from a regulatory standpoint.) Allowing apps on its App Store that let users buy and trade NFTs, unlocking memberships completely separate from Apple's subscriptions services may feel too much like giving too much control over to too many competitors at once.
And at the end of the day, accusing Apple of not supporting Web3 adoption isn't that valid of an argument. The Web3 world could move into a lot more verticals if tech powerhouses like Apple went along with their new tech ideas, but it's not Apple's job to support Web3. And it's certainly made it clear that supporting Web3 apps is not anywhere in its upcoming roadmap.
Crypto markets shoot up… 📈
Bitcoin has enjoyed a sudden rally above $20,000 after weeks of stagnation — with some maximalists optimistically declaring that it'll never fall below this threshold again. CoinMarketCap data shows the world's biggest cryptocurrency has surged by 4.4% over the past 24 hours — peaking at $20,348 on Tuesday evening before pulling back slightly. But it's Ether that's showing far greater levels of strength right now. It's rallied by 10% in a single day — and is now knocking on the door of $1,500. Dogecoin and Cardano are among the smaller altcoins that have also managed to lock in double-digit gains. BTC hasn't been this high in almost three weeks, but has been successful in resisting a meaningful fall below $19,000 over this timeframe.
…but mixed bag on Wall Street 👀
The change in momentum has also been welcome news for crypto-related stocks, with Coinbase's share price rallying by 13% on Tuesday. And MicroStrategy — a business intelligence firm that's an aggressive investor, with over 130,000 BTC in reserve — was up 11.6% by the close. All of this suggests that investors are starting to warm to risk assets again, with the S&P 500 and the Nasdaq both ending in positive territory. The mood was soured by some disappointing earnings reports from tech stocks. Google saw 6% ad growth in the third quarter of 2022 — its weakest performance in nine years. And it seems crypto played a role here, with the search giant seeing a substantial pullback in revenues from advertisers in the sector.
A 40,000-word article on crypto! 😱
Our newsletters are always snappy and to the point, but over at Bloomberg Businessweek, they do things a little differently. It's published a 40,000-word article about crypto that fills the entire magazine. Matt Levine's feature documents the highs and lows that digital assets have seen since 2009. This is only the second time that Bloomberg Businessweek has been dominated by a single article in 93 years. The author noted that this is a space that causes a lot of divisiveness — and even though he isn't a "true believer," his article isn't designed to argue that crypto is "dumb and worthless and will vanish without a trace." Instead, Levine said his goal is to convince his readers that crypto is interesting.
U.K. crypto firms 'need clarity' 🚨
British crypto firms "desperately need clarity" on policy, a group of lawmakers has warned. The Crypto and Digital Assets All Party Parliamentary Group is urging the government to step up and "deliver on its vision" for the sector. All of this comes one day after Rishi Sunak was appointed prime minister. Yesterday, the House of Commons voted in favor of recognizing cryptoassets as regulated financial instruments. Treating them like other types of assets could help eliminate some of the gray areas that currently exist, and help legitimize the sector. It's important to stress this vote is actually unrelated to Sunak's new role as PM, and it's been in the works for several months.
