Eight people paid $1,000 for an “I Am Rich” iPhone screensaver application, which Apple removed Friday. The “I Am Rich” screensaver was one of thousands of applications made available to users of the iPhone 3G.

The “I Am Rich” application was made available Tuesday with a hefty 999.99 dollar price tag, the maximum a developer is allowed to charge through Apple's App Store.

The application essentially loads a ruby red icon as a screensaver onto the home screen, with the subtext "I Am Rich."

The application's information page said: "The red icon on your iPhone or iPod Touch always reminds you (and others when you show it to them) that you were rich enough to afford this. It's a work of art with no hidden function at all."
Apple's AppStore was launched last month, providing third-party applications to iPhone and iPod Touch users. Apparently, around a quarter of these are free, while most of the rest cost less than $10. About a third are games. The applications can only run on iPhones and iPod Touches updated to the latest firmware, 2.0, or on the iPhone 3G which includes the new firmware. There's also the need to upgrade to iTunes 7.7.

Practically, every developer can submit their applications to the AppStore. If it gets accepted, Apple would retain 30 percent of all sales revenues. Users can download free applications at no charge to either the user or developer, or purchase priced applications with just one click.

Third party iPhone and iPod touch applications must be approved by Apple and will be available exclusively through the App Store.