App Store Guidelines For Apps With NFTs

🤯 App Store Guidelines For Apps With NFTs 🍎

October 21, 2022

What The Heck Is Going On?

  • NFTs In Singapore Can Be Considered Property

  • App Store Guidelines For Apps With NFTs 🍎

  • What The Meme?

NFTs In Singapore Can Be Considered Property

The Singapore High Court has said NFTs can be considered property.

Justice Lee Seiu Kin ruled Friday that NFTs meet certain legal requirements to be considered property, such as being distinguishable from other similar assets and having an owner who can be recognized by third parties.

The judge issued this ruling as an explanation for the injunction he granted in May preventing any potential sale of a Bored Ape NFT.

Are NFTs the new CDs?

The claimant in the case used the NFT as collateral to borrow crypto from another party known by the pseudonym "chefpierre," something he had done multiple times before with other lenders. However, in the midst of discussing refinancing their loan, "chefpierre" threatened to exercise the foreclose option on the NFT unless the loan was paid back in full, which the claimant was unable to do.

The judge's decision may prove a watershed moment for NFTs should investors and traders be more confident that their status as property is recognized in law.

NFTs Can Be Considered Property, According to Singapore High Court Ruling

The judge issued this ruling as an explanation for the injunction he granted in May preventing any potential sale of a Bored Ape NFT.

https://www.coindesk.com/policy/2022/10/24/nfts-can-be-considered-property-according-to-singapore-high-court-ruling/

App Store Guidelines For Apps With NFTs 🍎

Following the release of iOS 16.1 and other software updates on Monday, Apple has updated the App Store guidelines to revise some existing rules and add new ones.

The updated guidelines now have specific mentions of apps with NFTs, as well as introducing new rules for advertising management apps.

When it comes to non-fungible tokens, also known as NFTs, Apple makes it clear that apps can sell related content using the App Store’s in-app purchase system. However, they can’t “direct customers to purchasing mechanisms other than in-app purchase.”

 Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase. 

What The Meme?

That's all folks!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.