Users of the Coinbase iOS app can no longer transmit NFTs because “Apple stopped our previous app version until we deactivated the capability,” according to Coinbase.
Apple’s decision is a component of its strategy to “capture 30% of the gas fee” from in-app purchases. Coinbase asserts that the regulation is intended to safeguard Apple’s profit at the expense of consumer investments. Here is the Tweet posted by Coinbase on Twitter:
Coinbase’s Wallet iOS app no longer supports NFT transactions as a result of Apple’s rigorous new NFT restrictions.
Even when transferring a resource like an NFT to another wallet address, a user on the Ethereum network gets charged a gas fee for every transaction they do. Without the gas costs, the network would not be able to run. They are, however, more complicated than a flat rate and fall under the jurisdiction of multiple organizations.
Gas prices vary depending on the activity on the Ethereum network and the efficacy of a smart contract’s code. Gas is measured in GWEI but paid for in ETH. More seasoned users might also decide to pay more to have their transactions appear higher on the list.
Anyhow, the Gas fees are paid on the blockchain, but Apple lacks the necessary infrastructure to accept these payments. So instead, the industry giant (Apple) only accepts payments in fiat currency.
Apple’s controversial in-app purchase fees have angered many cryptocurrency advocates. Coinbase says the policy is “similar to how Apple is trying to reduce charges for all email sent over open Internet protocols.”
Polygon Studios CEO Ryan Wyatt takes a similar stance. He called his 30% tax on Apple “criminal,” and Epic Games CEO Tim Sweeney said the tech giant “needs to stop.”
Even though they attempted, the crypto company “Coinbase” could not comply with the tech company’s (Apple) request because the latter’s in-app purchase system did not accept cryptocurrencies.
According to Coinbase Wallet, “Apple has merely implemented new regulations to safeguard its profits at the expense of customer investment in Non-fungible tokens (NFTs) and developer innovation across the crypto ecosystem.” In fact, the business went so far as to remark that the situation seems comparable as if Apple is attempting to charge a fee for each email sent via open Internet protocols.
Coinbase revealed the expectation from the side was that this strict plan or choice was perhaps “an oversight” and it could be further examined. Additionally, it thinks that Apple’s strict NFT fee policy would result in a more challenging situation for NFTs to gain widespread adoption and make it more difficult for customers to transfer their assets.