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Apple Requires Coinbase to Disable NFT Trading
On the morning of December 1, Coinbase announced that iOS users of the Coinbase Wallet will be unable to send non-fungible tokens (NFTs).
It tweeted under the handle @CoinbaseWallet that the users might have noticed they can’t transfer NFTs on Coinbase Wallet iOS anymore. This is because Apple forbade Apple from disseminating its most recent version until the feature was disabled.
Anyone who is knowledgeable about NFTs and blockchains can see that this cannot be done. Even if we wanted to comply, bitcoin is not supported by Apple’s proprietary In-App Purchase system.
Comparable to this would be Apple’s proposal to charge for each email sent over open Internet protocols. NFT owners who use iPhones make up the majority of people who would be impacted by this policy change. Apple has suddenly made it far more challenging to transfer NFTs out of iPhone wallets or give them as gifts to loved ones.
In other words, Apple has implemented additional regulations to safeguard its profits at the price of customer investment in NFTs and developer innovation throughout the crypto ecosystem. We hope that Apple made a mistake here and that this marks the beginning of new discussions with the ecosystem.
Coinbase Wallet added in saying that Apple claims that the gas fees necessary for sending NFTs must be paid through their In-App Purchase system. By this they can collect 30% of the gas fee. Coinbase claimed that they would be unable to meet the need because the iPhone maker’s exclusive in-app purchasing system does not enable cryptocurrency.
Several terms for Apple
According to Coinbase, Apple has implemented new policies to safeguard its profits at the price of consumer investment in NFTs and developer innovation throughout the crypto ecosystem. The approach was comparable to Apple’s attempt of charging a fee for each email sent using open internet protocols.
The world’s most valuable corporation and other app developers including Spotify (SPOT.N) and “Fortnite” creator Epic Games have argued over the 30% fees, with the latter accusing the former of abusing its “monopoly.”
The Apple problem for Coinbase comes at a bad moment for the cryptocurrency exchange, whose shares are down over 80% so far this year. As the interest of investors in cryptocurrencies wanes, the corporation has likewise removed positions in order to control costs.
NFTs also called blockchain-based digital assets with typical digital signatures, gained enormous appeal in 2021, but the crypto winter in 2018 has severely hampered demand.