Crypto Exchange no longer offering NFT trades on iOS platforms.
- Apple has begun enforcing its 30% tax on NFT transactions, and Coinbase isn’t happy.
• Coinbase’s Wallet iOS application no longer supports NFT transactions because of Apple’s strict new policies on NTFS, which were announced in October.
• While NFTs aren’t outright banned on Apple’s mobile app store, they are subject to a hefty 30% tax on every transaction. If developers aren��t able to implement that requirement, their app will be blocked from the store.
Apple flexes its muscle
Apple has begun to enforce its new policies on NFTs, which taxes transactions at a rate of 30%. This has caused Coinbase’s Wallet iOS application to no longer support NFT transactions. If developers don’t implement the requirement, their app will be blocked from the store. Let’s take a closer look at this story. The digital currency exchange says that the tax will make it difficult for users to buy and sell NFTs, and could even hurt the growing market for these digital assets. Coinbase is currently working on a workaround that would allow users to avoid the tax, but it’s not clear when or if this will be implemented. In the meantime, Apple’s 30% tax will continue to apply to all NFT transactions conducted through the Coinbase app.
The Coinbase Twitter account went live to speak about the situation via a tweet
The Coinbase account stated that it is impossible for Apple to take 30% off of sales and gas fees.
“ For anyone who understands how NFTs and blockchains work, this is clearly not possible,Apple’s proprietary in-app purchase system does not support crypto so we couldn’t comply even if we tried”
NFTs are no longer supported on iOS Coinbase
NFTs have become a hot topic in the world of cryptocurrency, with many people eager to get their hands on these digital assets. However, it looks like Coinbase’s Wallet iOS application will no longer support NFT transactions. This is due to Apple’s strict new policies on NFTs, which were announced in October. According to Apple, all NFT transactions must be conducted through approved exchanges, and all NFTs must be stored in an approved wallet. As a result, Coinbase’s Wallet iOS app is no longer able to support NFT transactions. This is sure to disappoint many users, as Coinbase’s app was one of the most popular ways to buy and sell NFTs. However, it is not clear if other cryptocurrency wallets will be affected by Apple’s new policies.
Every time a user makes a transaction on the Ethereum network, even when simply transferring an asset like an NFT to a different wallet, the user must pay a fee known as gas. While gas prices vary depending on Ethereum network traffic and the efficiency of a smart contract’s code, Apple is now subjecting these transactions to a flat 30% tax . If developers don’t implement this requirement, their app will be blocked from the store.
Coinbase is not happy about these restrictions on its mobile application. In response to Apple’s policies, the company has decided to stop offering support for NFT trading on its Wallet app. This means that users will no longer be able to buy, sell, or trade NFTs using Coinbase’s Wallet app. While Coinbase has not ruled out adding support for NFTs in the future, it seems unlikely that they will do so as long as Apple’s transaction tax remains in place.
Apple being Apple
Apple’s new policies on NFTs have been met with some backlash from companies like Coinbase. Many of these companies feel as if Apple is strong-arming them into doing what Apple wants them to do. Things at Apple have always been more closed off and as a result of this many outside entities see Apple as a company that is very standoff-ish.
This is not the first company that Apple has angered as Epic Games CEO Tim Sweeny has been annoyed by the company for quite some time and was previously embroiled in a lawsuit with the company. Sweeny has been quoted as saying Apple “must be stopped”
Recently Coinbase has likened the move by Apple to if they would want a cut of every email sent over open internet protocols. Former YouTube executive and current Polygon Studios CEO Ryan Wyatt has called Apple’s 30% tax “criminal”. and believes the tax will “forever hold back technological progress due to its monopoly over the industry.”
Even Elon Musk seems to fear Apple as he thought Apple was going to remove Twitter completely from the iOS store only to have that rumor dispelled by Apple CEO Tim Cook a few hours later.
While enjoying this Solanews/Metafi article please remember to follow our social media channels to stay up to date on all things crypto,web3, and the metaverse!