TechKnowable
The cryptocurrency exchange Coinbase now claims that Apple pressured it to abandon its non-fungible token (NFT) feature, which enables users to transfer their digital assets.
The crypto exchange asserts that the iPhone manufacturer prevented its update from being published in the Apple App Store until the NFT transfer feature was removed.
This time, Coinbase has stated in a recent tweet that the aforementioned feature is no longer available in its iOS app.
The removal of the NFT Transfer feature from Coinbase’s iPhone app is attributed to Apple.
According to the most recent report from Markets Business Insider, the mobile wallet Coinbase already stopped supporting NFT transfers for users of iOS or iPhones on December 1st.
The Cupertino-based tech giant was to blame, according to the cryptocurrency service, which claimed that the App Store’s policies forced the mobile wallet to abandon its transfers feature.
The exchange acknowledged in a tweet that NFT transfers were no longer possible for iOS users.
You might have noticed you can’t send NFTs on Coinbase Wallet iOS anymore, according to the Coinbase Wallet Twitter account.
The crypto service notes that Apple is solely to blame for the abrupt shift in its iPhone app. That’s “because Apple prohibited the publication of our most recent app,” it said.
And it turns out, as Coinbase claims in its tweet, that the illustrious tech titan will only permit the service to release its app update when they remove the aforementioned feature.
Apple Supposedly Wants a 30% Cut in NFT Gas Prices
Coinbase revealed in a separate tweet that the Apple App Store’s policies call for them to keep about 30% of the gas fee from in-app NFT transfers.
The Verge reports that the cryptocurrency service claims that the Cupertino company wants NFT transfers to fall under its in-app purchase mechanism. After that, Apple can begin requesting its 30% commission.
Business Insider claims that it is not only impossible for Coinbase but also for other exchanges. The blockchain technology doesn’t operate in that way.
In its report, The Verge points out that in blockchain projects, the gas fees go directly to the individuals who verify the transaction.
In light of this, the blockchain fee is not received by Coinbase, any cryptocurrency exchange, or the user who received the digital asset.
Additionally, it is important to keep in mind that the fees change with each transaction. It heavily depends on both the number of people validating the transactions and the extremely volatile cryptocurrency pricing.
