Coinbase Global said on Thursday, Apple’s iOS customers will no longer be able to deposit non-fungible tokens (NFTs) on the crypto exchange’s wallets.
“Appletheir claim is the gas fee required to send NFTs need to be paid through their In-App Purchase system so they can collect the 30% gas fee,” Coinbase Wallet added in a tweet.
You may find that you can no longer send NFTs on Coinbase Wallet iOS. This is because Apple has blocked the last release of our app until we disable the feature.
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
Coinbase said it would not be able to comply with the request even if it tried Iphone Manufacturer’s proprietary in-app purchase system does not support electronic money.
“Apple has introduced new policies to protect its bottom line at the expense of consumer investment in NFT and developer innovation across the crypto ecosystem,” Coinbase said. over open internet protocols.
Apple did not immediately respond to Reuters’ request for comment on the matter.
The 30 percent fee has been a point of contention between the world’s most valuable company and other app developers like Spotify and fortress producer Epic gameaccused the company of abusing its “monopoly”.
Coinbase’s issue with Apple comes at a difficult time for the crypto exchange, with its stock down about 80% this year. The company has also cut jobs to manage costs as investors lose interest in cryptocurrencies.
NFT, which is a digital asset that exists on a blockchain and carries a unique digital signature, gained popularity in 2021 but has seen demand crippled by a crypto winter in recent months this.
Cryptocurrencies have been mixed as higher interest rates and recession worries force investors to abandon risky assets with the recent collapse of rival exchanges FTX also put pressure on the industry.
© Thomson Reuters 2022
