News JVTech Apple too greedy on NFTs? Crypto giant rejects terms
Not a surprise, the Apple brand has never embraced NFTs. 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, which are considered too restrictive.
Apple makes a big crypto enemy
Coinbase wallet, the wallet of the famous crypto buying and reselling platform, boycotted Apple officially. 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 allowed direct sales 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, allowing them to charge 30% fees. says Coinbase
A state of affairs considered incomprehensible by supporters of NFT and other cryptos, since Apple has no power over these decentralized tokens. Users therefore have to pay the blockchain transfer fee plus the in-app fee, which greatly limits the exchanges.
In short, 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 firm preferred to stop its NFT-related services on Apple instead of exempting 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 restricted the use of NFTs on App Store applications. In fact, the brand had decided to ban unlocking features through NFT. Several games to make money based on the purchase and development of NFT have been affected by its actions.
As an industry heavyweight, if Coinbase decides to forgo the app store, more companies in the industry could join. In fact, the Magic Eden buying and reselling platform already pointed out this problem a few months earlier.
By closing web3, it is certain that the manufacturer of the 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.