Major Crypto Exchanges coinbase announced that users can no longer transfer non-fungible tokens (nftUsing Coinbase Wallet iOS – being the ‘culprit’ AppleApp Store Policy of.
“You may have noticed that you can no longer send NFTs on Coinbase Wallet iOS,” Told In its tweet on Thursday, Coinbase accused Apple of forcing it to remove the NFT transfer option from its iOS wallet.
The statement claimed that,
“This is because Apple blocked our previous app release until we disabled the feature.”
And the problem comes down to money – Apple reportedly wants its cut.
As is well known in the cryptoverse, for sending NFTs, there are some gas fees involved. According to the exchange, however, the iPhone maker said these charges are to be paid through the company’s proprietary in-app purchase system — the reason being that Apple aims to collect 30% of the gas charges.
Per Coinbase Wallet,
“Simply put, Apple has introduced new policies to protect its profits at the expense of consumer investment in NFTs and developer innovation in the crypto ecosystem.”
The wallet provider suggests that, if Apple understands how blockchain and NFTs work, it will be clear to them that their idea is “obviously not feasible.” Apple’s system doesn’t support crypto payments, Coinbase said, “so we couldn’t follow it even if we tried.”
However, Coinbase argued that the policy change caused an even bigger issue, and one that directly affects Apple users who are NFT holders. To be more precise, according to the exchange, Apple “made it very difficult” for people who hold NFTs in a wallet on an iPhone to transfer their own NFTs to other wallets, or even whether to send it as a gift to a family member or a friend.
“We hope this is an oversight on Apple’s part and an inflection point for further dialogue with the ecosystem,” said the Twitter thread.
Recent Policy Changes The question specifically addresses NFTs. Section 3.1.1 In-App Purchases states He,
“Apps may use in-app purchases to offer and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that the NFT does not unlock proprietary features. or functionality within the App. Apps may allow users to browse NFT collections owned by others, provided that the App does not include buttons, external links, or other calls to action that Direct customers to purchase mechanisms other than in-app purchases.
However, it is not clear how the Apple team found its in-app purchase system well equipped to deduct these types of charges, which are not fixed and constantly change based on a number of relevant factors.
Meanwhile, Coinbase CEO Brian Armstrong tweeted on Thursday that the Apple Store is a monopoly, calling some talks with the tech giant “absurd.”
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learn more:
, Apple Unveils New App Store Rules for Cryptocurrencies and NFTs
, Apple’s Job Listing Suggests Metaverse Product Is Coming – Crypto Integration Coming Soon?
, Coinbase CEO Reveals Company Holds Over $39 Billion Worth of BTC in Response to Now-Deleted Binance CEO’s Tweet
, Black Swan author Nassim Taleb calls Coinbase crypto exchange ‘sucks’ – here’s why
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