Recent developments in a court case involving Apple and Epic Games could significantly impact the cryptocurrency market, sparking a potential bull run. The case resulted in the court ordering Apple to cease its practice of levying fees outside of its iOS applications and banning links to external websites.
Epic Games, the renowned creator of Fortnite, initiated the case against Apple for limiting its app’s reach in the U.S market. The court reaffirmed a 2021 injunction, which Apple had been willfully disregarding, using its considerable app market influence to restrict cryptocurrency apps from achieving their full potential revenue-wise. The new court ruling could pave the way for a more equitable market for crypto developers.
The court highlighted Apple’s anticompetitive pricing tactics and condemned the tech behemoth for its continuous defiance of previous court orders. According to the court, Apple’s actions have impeded fair competition and caused substantial harm to other businesses, particularly emerging cryptocurrency startups. Apple’s interference in app developers’ customer communication and its practice of charging fees for third-party website services were also criticized.
The recent court ruling holds significant implications for crypto apps, allowing them more freedom to explore various business models without the burden of excessive Apple fees. This could potentially trigger a significant cryptocurrency bull run. Despite Android’s popularity among developers, Apple-supported apps still command a substantial market share.
Apple’s restrictive practices have hindered the growth of crypto apps, suppressing a vast amount of potential that may now be unleashed. These practices have particularly hampered the NFT market, which frequently involves monetary transactions outside of apps. The situation had become so dire that Apple users could only view NFTs on their phones and had to resort to alternative methods to purchase their favorite non-fungible tokens.
The court stands firm on its previous ruling that Apple must not engage in anticompetitive practices such as charging fees for purchases made outside of apps. The ruling also prohibits Apple from monitoring developers’ transactions or requiring them to disclose their external dealings. Furthermore, Apple can no longer restrict link usage for specific categories.
Epic Games CEO Tim Sweeney lauded the ruling as a significant victory for developers. He noted that developers are now free to use their payment services in conjunction with Apple’s app, a massive win for crypto companies aiming to offer iOS services without paying Apple’s fees. Sweeney believes that the savings will ultimately benefit the customers and that Apple must now compete on an equal footing with other businesses. He emphasized that competition is beneficial for the market because it ensures that the best product attracts the most customers.
