News JVTech Apple too greedy on NFTs? Crypto giant refuses terms
Published on 03/12/2022 at 17:35
It’s not a surprise, the Apple brand has never taken NFTs to heart. However, Apple accepts the new technology on applications from the App Store for significant fees. As a result, a crypto and NFT giant has decided to no longer comply with its rules, deemed too restrictive.
Apple is making a major crypto enemy
Coinbase wallet, the wallet of the famous crypto purchase and resale platform, is officially boycotting Apple. This sudden stance 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 authorized the direct sale of NFTs for a few months on the condition that these transactions are considered in-app purchases. Based on this principle, the apple brand offers itself 30% commission on blockchain transactions.
“Apple’s claim is that the gas fee required to send NFTs must be paid through their in-app purchase system, so they can collect 30% fees. says Coinbase
A condition deemed incomprehensible by aficionados of NFT and other cryptos, since Apple does not hold any power over these decentralized tokens. Users therefore have to pay the blockchain transfer fee plus the in-app tax, greatly limiting 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
Thus, Coinbase categorically refuses to comply with these new rules which it considers excessive. In this sense, the crypto company preferred to stop its NFT-related services on Apple rather than exempt each of its users from a 30% tax when an NFT transfer takes place.
A position that confirms Apple’s policy towards NFTs
It is important to remember that Apple had also limited the use of NFTs on App Store applications. Indeed, the brand had decided to prohibit the unlocking of features through NFT. Several play-to-earn games based on the purchase and progress of NFT have been impacted by its measures.
As a heavyweight in the industry, if Coinbase decides to abstain from the app store, then several companies in the industry could join it. Indeed, the Magic Eden purchase and resale platform was already pointing to this problem a few months earlier.
By closing to web3, it is certain that the producer of Iphone opens the doors to its competitors under Android. In addition, Samsung seems more enthusiastic about the idea of integrating NFTs on its smartphones, as evidenced by the creation of its “Galaxy NFT” ecosystem.