🧠 Apple gets greedy

Seedphrase Daily 👋  Chin up king, your snapback is falling. Crypto is coming back and we’re here to give you the rundown.

Today's Agenda 📓: 

• 🧠 Apple gets greedy.

• 💳 Mastercard & Crypto App ‘Hi’ Collab

• 😳 Meme of the Day.

Good news: the largest tech company in the world will now integrate NFT sales into their App Store. I can taste mass adoption soon cometh.

But there's a catch.

The two conditions. ✌️

1. 💰Big commission. 

The first condition is that Apple will apply its existing Web2 monetization structure, which takes a 30% cut from developers making +$1 million through the ‌App Store‌ annually, and 15% for those making less.

2. 🙅‍♂️ No crypto allowed. 

The second condition is that transactions must be in USD. Crypto is not an option. So the NFT purchase wont be on chain..

👎The problems :

There is an issue when it comes to secondary NFT sales. The 30% commission Apple takes may be unaffordable for some and even kill small NFT businesses.

Marketplaces like Magic Eden or OpenSea typically take a commission no larger than 5%. 

So if a collector wants to purchase an NFT on the Magic Eden or OpenSea app on an iPhone, the seller of that NFT will only get 70% of the sale price. And the marketplace will likely not be interested in covering the difference. 

☀️ The bright side. 

Apple will expose iPhone users to NFTs by putting it on every mobile device, onboarding 1B+ people and furthering the web3 space.

And, for the people who are crypto maxis that don't like the 30%. 

We can always use the marketplaces and tools we already have.

🥊 New competition. 

Apple is a MASSIVE force in tech, so of course they don't want to see someone else thriving in the market before them. 

Like the Solana phone set to release in early 2023, the first crypto smartphone that, in theory, will make everything Web3 more accessible. 

🧠 Final thoughts: 

They are applying a Web2 model of revenue to Web3, so it's getting a horrible reception from the community. 

That breeds new competition with current Web2 giants going into Web3 and Web3 native giants building the space.

This leads us to. 

Does Web3 have to compromise its core principles to have mass adoption? 🤔

Yes, and no.

Suppose we think about it like music. The most prominent artists like drake and J-cole, who have had massive success, arguably compromise their artistic expression to make simple songs that appeal to the masses. Some people want to enjoy music to pass the time rather than hearing spiritual miracle lyrical songs that will give them an out-of-body experience.  

Same with crypto. 

The reality is that some people don't care about making profits, buying NFTs, how blockchain works or even paying 30%

They want to use apps that benefit their life or pass the time. 

And if Apple takes a small fee to onboard ⅛ of the world population to buy NFTs or use DeFi in ANY form, it's a big W.

Plus, there are always Web3 native apps that more experienced people could use to avoid Apple's rules.

If you want to know the coins we think will survive this madness, check out the seven we listed last week! 

Read here.

Crypto exchange and mobile banking platform Hi has partnered with Mastercard to launch the first NFT customizable debit card.

They allow users to personalize the face of their debit card with their preferred NFT.

👇The REAL news:

The hi debit card will allow crypto enthusiasts to spend fiat and digital assets, including $HI, $BTC, $ETH, and $USDT, across 90 million merchants accepting Mastercard payments. 

It will include a buy-now-convert-later functionality, so there is no need to convert digital assets into fiat. This will allow customers not to miss out on potential returns from the crypto market. 

The beginning of a bright future. 🔮

Web3 is moving beyond PFPs. Now people can use their crypto on credit/debit cards to make purchases in the real world, like food and toilet paper.

And for the NFT hype beats, you can flex in the real world now too. Instead of getting a black card, you can have pictures of your BAYC on your card so people know you're a drip god.

👇 Benefits of the card. 

• Earn between 1%-10% on every purchase with the card.

• Get up to 100% rebate on multiple digital subscriptions

• Customization with your favourite NFT 

🤝 How to apply: 

Initially, you will need to join a waitlist for a short period to get early access to the hi Debit Card. Do this by opening the App and:

1. Select 'Card' from the main navigation bar

2. Browse Card Tiers

3. Select Join the Waitlist

4. You will need to hold HI tokens (by Buying or Staking) to upgrade to a membership tier

Apply Here

😳 Meme of the Day.

You know what to do. Share this if you liked. 👊

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