Coinbase is now saying that Apple forced the cryptocurrency exchange to let go of its non-fungible token (NFT) feature, which allows users to transfer their digital assets.
The crypto exchange claims that the iPhone maker blocked its update from the Apple App Store until it removes the NFT transfer feature.
(Photo : CHRIS DELMAS/AFP via Getty Images)
This illustration photo shows the Coinbase logo on a smartphone in Los Angeles on April 13, 2021. - The arrival April 13, 2021, of cryptocurrency exchange Coinbase on Nasdaq is one of the most anticipated events of the year on Wall Street, where enthusiasm for record-breaking bitcoin is in full swing, despite questions about the sustainability of the market.
So this time, Coinbase has announced in its recent tweet that its iOS app no longer includes the feature in question.
Coinbase Blames Apple for NFT Transfer Feature Shut Down on its iPhone App
As per the latest report by Markets Business Insider, the mobile wallet Coinbase has already ditched its NFT transfer feature for its iOS or iPhone users on December 1, Thursday.
The crypto service blamed the Cupertino-based tech giant, claiming that the App Store policies forced the mobile wallet to let go of its transfers feature.
The exchange confirmed in its tweet that its iOS users could no longer transfer NFTs.
The Coinbase Wallet Twitter account says "you might have noticed you can't send NFTs on Coinbase Wallet iOS anymore."
The crypto service points out that the abrupt change in its iPhone app is all due to Apple. It revealed that it "is because Apple blocked our last app release."
And it turns out that the renowned tech behemoth will only allow the service to release its app update when they get rid of the said feature, Coinbase claims in its tweet.
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Apple Allegedly Wants 30 Percent Cut on NFT Gas Fees
In a separate tweet, Coinbase went on to disclose that the policies of the Apple App Store want to collect roughly 30% of the gas fee from in-app NFT transfers.
(Photo : CHRIS DELMAS/AFP via Getty Images)
This illustration photo shows the Apple app store logo reflected from an iPhone onto the back of an iMac in Los Angeles, August 26, 2021.
According to a news story by The Verge, the crypto service states that the iPhone maker wants NFT transfers to be under the in-app purchase system of the Cupertino firm. From there, Apple can start charging its 30 percent commission.
However, Business Insider says that it is impossible -- not only for Coinbase but for other exchanges as well. That is not how blockchain technology works.
The Verge notes in its story that the gas fees in blockchain projects head straight to folks who validate the transaction.
And given that, neither Coinbase, nor any crypto exchange, and the user who received the digital asset gets their hands on the blockchain fee.
On top of that, it is worth noting that the fees actually fluctuate with every transaction. It highly depends on the crypto pricing, which is extremely volatile, and the number of people validating the transactions.
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