NFT trading: Apple wants its share of the pie, but Coinbase refuses

Coinbase Wallet IOS users will no longer be able to transfer NFTs to their wallet due to disabling the functionality of the American stock exchange. A decision conditioned by Apple’s new policy for NFT-related transactions.

No NFT trading for Coinbase Wallet IOS users

If you use the Coinbase Wallet and have an iPhone, you will no longer be able to trade NFTs on your wallet. The American Stock Exchange announced to its customers that it was obliged to suspend the NFT exchange functionality on its platform for IOS users due to the new policy adopted by Apple for this type of good.

“You may have noticed that you can no longer send NFTs to Coinbase Wallet iOS. This is because Apple is blocking our latest version of the app until we disable this feature.”

In fact, in its new guidelines for the AppStore, the Cupertino-based company requires developers and exchangers to implement a flat tax of 30% on NFT transactions in their applications. If it is not integrated, the application will be removed from the Apple Store.

“Apple claims that the gas fees required to send the NFTs must be paid through its in-app purchase system, allowing it to charge 30% of the transaction fee.”

Can we read in a Coinbase post on Twitter

For the American crypto exchange, the giant GAFAM’s new rules for NFTs are incomprehensible and unsuitable because its “purchasing system does not support cryptocurrencies”. So Coinbase claims that even if it would have wanted to apply the flat 30% tax to NFT transactions, it could not do so. Thus, there was no choice but to remove the NFT trading option from his wallet.

Apple criticized for abuse of position

It’s not just the crypto universe that has gone toe to toe with the $2 trillion company. Earlier this week, Elon Musk condemned Apple’s censorship maneuvers, which intend to remove Twitter from the AppStore.

For some, it is more than necessary to have an alternative to the products and services offered by the giants of GAFAM. In a response to one of Coinbase’s posts, Austin Federa, head of communications at Solana, said:

“Today it’s Apple, but tomorrow it could be Google. We need a third option”

Austin is referring in particular to the smartphone that the foundation will launch in 2023, the Saga. But it will take time for the Solana phone to compete with the GAFAM giants. That’s why Coinbase hopes Apple reconsiders its decision on NFT trading.

“We hope this is an oversight on Apple’s part and a focal point for further conversations with the ecosystem. @apple – we’re here to help”

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