Apple disables the most recent version of Coinbase Wallet, leaving NFT users stranded.
Apple is not up to speed on blockchain technology — During the most recent bull run, everyone’s attention was focused on the NFT. Even after the excitement has passed, people are still talking about it quite a bit. On the other hand, not everyone is aware of how it operates. This is especially true about Apple, as they have recently made some strange requests to Coinbase.
NFT, says Apple, but only if there’s a commission involved.
At the end of September, Apple Inc. discussed with her reviewing its NFT policy in internal communications. The changes that have taken place can be seen most clearly at the level of its App Store.
By doing so, Apple has enabled the purchase of NFTs within App Store applications. Nevertheless, these acquisitions have to be made through Apple’s in-app purchases, which means they are subject to platform fees.
In actuality, Apple takes a commission ranging from 30–35 percent of the purchase price of every non-free-to-play game that is bought through the App Store. This commission varies based on the country.
Then, a portion of the NFT community spoke up and declared that Apple was going to ruin the NFT application industry.
The situation has become absurd.
Even while it appeared that the wave had gone, a new turn of events occurred that brought to light Apple’s complete misunderstanding of this ecosystem.
As a result, on December 1st, the massive cryptocurrency exchange platform Coinbase informed its customers that they would no longer be able to transmit NFTs using the iOS version of the Coinbase app. This suspension comes as a direct result of a barrier placed on the most recent version of the program by Apple.
Twitter is the source of information for Coinbase’s new Apple Block.
However, when Coinbase publishes the explanations that Apple gave, the situation takes a 180-degree turn for the worst.
“Apple argues that the gas fees that are necessary to send the NFTs must be paid through its In-App purchase system, in order for it to collect 30% of the gas fees. «
Apple indeed wants to take a cut of the 30% of the gas fees that are paid on a blockchain when NFTs are sent. As Coinbase explains in the rest of its post, the current position can only be described as absurd.
“It should be obvious to anyone who is familiar with the operation of NFTs and blockchains that this is not conceivable. Since Apple’s proprietary mechanism for in-app purchases does not handle cryptocurrencies, we would not be able to comply with your request even if we made it.
The gas expenses that are incurred in the process of sending an NFT have nothing to do with the Coinbase app itself. As a result, it is extremely unlikely that Apple will be able to collect the thirty percent gas fee.
The crypto community, fully aware of the ridiculousness of the situation, will yet have been left with a cruelly amusing reaction to the circumstance. According to what Coinbase has observed, it is almost as if Apple desired to obtain a portion of the expense associated with sending emails.
Apple, on the other hand, is aware of how to make a profit off of something connected to cryptocurrencies. The streaming service Apple TV+ is already looking into the possibility of purchasing the rights to produce a film based on the FTX accident.
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