NFT News-Apple's Crypto Policy Softens as Stepn Offers in-app Digital Asset Trading

Axie Infinity, a web3 game that was once extremely popular, announced last week that it will be available for download on Apple's App Store. This suggests that the powerful tech company might be warming to the idea of allowing blockchain-based mobile games to run on its iPhone.

Stepn, a fitness app powered by the blockchain that rewards users with cryptocurrency, has now made what could be even bigger news. The Australian company said that Stepn's users will now be able to buy and sell digital assets without having to leave the app and use a marketplace outside of it.

In an interview with The Block, Stepn's Chief Operating Officer Shiti Manghani stated, "It is a very, very big step." There has never been anything like this before. We internally believe that this is the most important development in crypto, but not many people are aware of it.

Stepn likewise declared another coordination that will empower clients to buy advanced resources utilizing conventional charges and Visas connected to Apple Pay. Read More FCA to roll out stricter rules for crypto ads, including a ban on referral bonuses.

Some businesses have historically regarded Apple's App Store policies regarding the purchase and sale of in-game assets as hostile. Requiring app developers to share 30% of transaction revenues has been one of Apple's most contentious policies; a particularly expensive requirement for blockchain-based applications that want to make it possible to trade digital assets, which can fetch hundreds, thousands, or even millions of dollars in some cases.

Stepn outperforms Axie Infinity. Stepn is an app that lets users buy digital sneakers NFTs and then earn token rewards by "walking, jogging, or running." It has been downloaded millions of times. Each pair of NFT shoes has its own set of features that affect how users can get rewards.

Sneaker NFTs can only be purchased by iPhone users through the purchase of in-app credits, which can be exchanged for digital assets. On Stepn's marketplace, NFT sneakers can also be purchased or sold for cryptocurrency.

Stepn stated that none of this will necessitate exiting the app on the iPhone. Stepn's smartphone app will still allow iPhone users to access the company's marketplace, according to the announcement.

This is quite a departure from the agreement Sky Mavis made with Apple for Axie Infinity. There are no in-app links to the game's NFT marketplace; the Axie Infinity app is currently available on iPhones in a select few nations. there isn't so much as a notice of the commercial center in the application, an organization representative said.

"Axie Infinity: As a result of Apple's policies: In an email, the spokesperson stated, "At this time, Origins does not contain direct links or explicit references to the marketplace within the app.  Through the use of other platforms like Discord and email marketing, Sky Mavis teaches the community how to incorporate the NFT marketplace into the gameplay experience on the Apple app build.

Growing numbers of users Despite the fact that Stepn has been downloaded millions of times, Manghani acknowledged that the number of active users on the app on a monthly basis has been decreasing, most recently to about 500,000. The Apple integration, according to Manghani and her team, should aid in user growth. Stepn stated that it had nearly five million registered users who had walked or run nearly 70 million miles by the end of the year.

According to Manghani, "One of the best things that has happened to our app has been working collaboratively with Apple." But] for each acknowledgment we've gotten many, numerous dismissals also. It has taken us months to complete. There have been many sleepless nights.

Stepn was established in 2021 by Satoshi Labs. Alameda Research, Sequoia Capital India, and Santiago Santos, a former ParaFi Capital partner, are among the previous investors.