All things considered the Zoom call with one of Apple’s App Store senior review consultants of VirtualStaX App V1 last night was very positive.
As mentioned during our last investor Zoom update, Apple imposes a 30% commission on all in-App sales. In our case, it would mean that Issuers of VirtualStaX would have to pay Apple 30% of the gross transaction amount of every VirtualStaX sold through our App, which of course is not viable.
Apple has two exemptions to this rule; (1) for cryptocurrency exchanges and (2) for peer-to-peer services.
Last night’s call with Apple was in response to TheXchange’s appeal under the above exemptions. Our CTO, Konrad Gastrow and Arno Visser, Head of Legal presented our case brilliantly.
AN ENCOURAGING OPINION FROM APPLE
The following is a verbatim response from their review consultant who was very impressed with our app and its use case:
“We do see a lot of new apps right now using cryptocurrencies and NFTs is another big thing. Yours is not that, it's something unique - I'm pretty sure you know that because it's your product and that's the whole thing, right, to be the first on the market with these kinds of offers and have the biggest number of content creators and popular people in your app. Because your product is going to be the first, it's going to be a bit more time-consuming to get the application approved.”
It is highly unlikely that the matter with Apple will not be resolved in our favor. However, there are various alternatives to installing apps on iPhones from outside the App Store.
THE LAUNCH DATE FOR VIRTUALSTAX APP V1
VirtualStaX App V1 launch date for College Football and Basketball will be finalized following Apple’s review board approval. The message from Apple was clear: VirtualStaX is unique, will be the first to market in this industry, and the outcome of the review will set a precedent within the Apple App Store guidelines.
FEATURES LAUNCH ATHLETES
The names of the 20 College Football and Basketball athletes StaX Issuers for our App launch will be announced next Friday, 18 March 2022.
We all look forward to a speedy resolution and a successful launch.
Thank you all for your patience and continued support.