Key takeaways:
- Apple reportedly prevented Coinbase’s most recent app release for NFTs in wallets.
- Before Apple permitted Coinbase to update its well-known self-custodial wallet, the company had to turn off its NFT transfer feature.
As a result of an in-app purchase conflict, Apple demanded that a prevalent NFT and cryptocurrency app, Coinbase Wallet, eliminate a function that allowed users to send NFTs. According to the cryptocurrency company’s official Twitter account, iOS users cannot send non-fungible tokens (NFTs) with their applications.
Coinbase Wallet added in a tweet, “Apple’s claim is that the gas fees necessary to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee.”
Regardless of the fact that Apple charges a 15–30% fee for digital goods bought through iPhone apps, gas prices are not in-app purchases. Prices for gas and electricity are more directly analogous.
Even if it tried, Coinbase claimed it would be unable to fulfil the obligation because the iPhone maker’s exclusive in-app purchase system does not support cryptocurrency.
The majority of those affected by this policy shift are iPhone users who own NFTs. If you have an NFT in your iPhone wallet, Apple has just made it much more difficult to move it to other wallets or give it as a gift to loved ones.
According to the platform, Apple demanded Coinbase Wallet disable NFT transactions in a bid to safeguard its financial interests at the cost of consumer investment in NFTs and developer advancement throughout the crypto environment.
The choice perplexed Coinbase’s users. The app may continue to be obstructed until Apple enforces a blockchain-based payments system, which would restrict users’ ability to exchange these digital assets.
According to Coinbase Wallet, “For anyone who recognises how NFTs and blockchains work, this is unquestionably not possible. Even if we wanted to conform, Apple’s exclusive In-App Purchase system does not accept cryptocurrency. This is comparable to Apple trying to charge a fee for each email sent using open Internet protocols.“
Elon Musk, the CEO of Twitter, criticised the major tech company for removing its ad campaigns from the platform a few days ago. According to rumours, Apple was thinking about expelling Twitter from the App Store.
Apple has not made any official statements regarding the choice. The team believes that Apple made a mistake in implementing the measure, but it has a history of taking similar actions in the past. Coinbase’s CEO, Brian Armstrong, expressed disappointment with the choice.
Coinbase Wallet recently made it official that starting on December 5th, 2022, it will stop supporting XRP and three other tokens. The three tokens are Stellar, Ethereum Classic, and Bitcoin Cash in addition to XRP.
