Leading crypto exchange Coinbase has disabled non-fungible token (NFT) transfers on its iOS wallet app as Apple requests a 30% cut of any Ethereum gas fees paid NFT transactions via the wallet app.
Coinbase Disables NFT Transfer on the iOS App
Coinbase took to Twitter to announce that Apple is demanding it pays its gas fees using Apple software, as part of the highly criticised in-app purchase policy the company announced in October.
According to Coinbase, users can no longer send NFTs on the Coinbase iOS app because “Apple blocked our last app release until we disabled the feature.”
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The move is part of Apple’s plan to “collect 30% of the gas fee” of in-app purchases. According to Coinbase, the policy aims at protecting Apple’s profit at the expense of consumer investments. Coinbase tweeted:
Simply put, Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
Reactions to Apple’s In-App Purchases Policy
Apple’s controversial in-app purchase fee has angered many crypto advocates. Coinbase has said the policy is “akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols.”
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Ryan Wyatt, the CEO of Polygon Studios, has taken a similar stance. He calls Apple’s 30% tax “criminal,” while Epic Games CEO Tim Sweeney has said the tech giant “must be stopped.”
On the Flipside
- According to Coinbase since Apple’s proprietary in-app purchase system does not support crypto, they couldn’t comply with the payment even if they tried.
Why You Should Care
Many believe that Apple’s strict NFT fee policy will make it more difficult for users to transfer their assets and limit mainstream adoption of NFTs.
Read about the Apple policy below:
Apple Sets New App Store Rules: Blockchain Games May Have a Major Impact
Find out more about Apple’s fallout with Elon Musk in:
Dogecoin (DOGE) Posts 35% Weekly Gains amid Musk Versus Apple Altercation
