Apple is allegedly responsible for pressuring Coinbase to remove NFT transfers from its iOS Wallet app.
Apple wanted the blockchain fees connected with an NFT transfer to go through its in-app purchase mechanism, giving it a 30 percent cut, the company claimed in a tweet on Thursday. As a result, Apple blocked our last app update until we deactivated the feature.
Apple’s NFT Transactions
For several reasons, including the fact that Apple’s system does not handle cryptocurrency payments, it is difficult to make that happen, according to Coinbase.
While you can buy digital tokens on some NFT exchanges using conventional fiat money like the US dollar, the costs Coinbase is referring to are something else entirely.
Any transaction will be subject to a charge on blockchains like Ethereum, which many NFT initiatives utilize, and which goes to compensate the individuals who validate it. ETH and other cryptocurrencies are used to pay the fees. Even if you send someone an NFT for no charge, that still holds true.
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Coinbase Hopes to Fix Dispute with Apple
Though those discussions might be a little tense after its CEO tweeted that the App Store is a monopoly the jury is literally still out on that and some of Coinbase’s conversations with Apple have been absurd.
Coinbase says that it hopes this is all just an oversight and that it’ll be able to straighten things out with Apple. If this really is Apple’s rule, though, Coinbase knows the score and will just have to find some way around it, at the moment,
According to Apple, the gas expenses needed to send NFTs must be paid through their In-App Purchase system for them to receive a 30% cut, Coinbase stated via its Coinbase Wallet Twitter account. This is similar to Apple wanting to charge a fee for each email sent using open Internet protocols.
As a result of the app update blocking, this implies that Apple plans to charge a fee for bitcoin exchanges conducted through iOS apps. Because all users must pay gas feet to perform any operation on the Ethereum blockchain, as stated by CoinDesk.
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