News JVTech Apple too greedy on NFTs? Crypto giant refuses conditions
It’s no surprise, the Apple brand has never taken NFTs to heart. However, Apple is accepting the new technology on applications from the App Store at a significant cost. As a result, a crypto and NFT giant has decided to no longer comply with its rules, which are considered too restrictive.
Apple is making a major crypto enemy
Coinbase wallet, the wallet of the famous crypto buying and resale platform, is officially boycotting Apple. This sudden attitude came when the App Store refused to update the new version of the app.
“You may have noticed that you can no longer send NFTs to Coinbase Wallet iOS. This is because Apple has blocked the latest version of our app until we disable the feature. explains Coinbase
However, Apple has allowed direct sales of NFTs for a few months, provided that these transactions are considered in-app purchases. Based on this principle, the apple brand offers itself a 30% commission on blockchain transactions.
“Apple’s claim is that the gas fees required to ship NFTs must be paid through their in-app purchase system so they can collect a 30% fee. says Coinbase
A state that is considered incomprehensible by enthusiasts of NFT and other cryptos, since Apple has no power over these decentralized tokens. Users must therefore pay the blockchain transfer fee plus the in-app tax, which significantly limits exchanges.
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. emphasizes the company on Twitter
Coinbase thus categorically refuses to comply with these new rules that it considers excessive. In this sense, the crypto company preferred to discontinue its NFT-related services on Apple rather than exempt each of its users from 30% tax whenever an NFT transfer takes place.
A position that confirms Apple’s policy on NFTs
It is important to remember that Apple had also restricted the use of NFTs in App Store applications. Indeed, the brand had decided to ban feature unlocking through NFT. Several play-to-earn games based on NFT purchase and progress have been impacted by the measures.
If Coinbase, as the industry heavyweight, decides to abstain from the app store, several companies in the industry could join. Indeed, Magic Eden’s buying and resale platform pointed out this problem a few months earlier.
By closing on web3, it is certain that the producer of Iphone opens the doors for its competitors under Android. In addition, Samsung seems more enthusiastic about the idea of integrating NFTs into its smartphones, as evidenced by the creation of its “Galaxy NFT” ecosystem.