The users of NFT trading use Coinbase’s Wallet app on Apple devices to transfer their NFTs.
According to a major cryptocurrency exchange, Apple’s Software Store regulation prevents customers from transferring non-fungible tokens (NFTs) via Coinbase’s Wallet app on Apple devices.
On Thursday, Coinbase tweeted, “You might have noticed you can’t transmit NFTs on Coinbase Wallet iOS anymore,” later adding that Apple was pressuring Coinbase to take the NFT transfer feature off of its iOS wallet.
The declaration said that this is because Apple prevented our most recent app release until we turned off the functionality.
And the issue boils down to cash: Apple is said to seek a part of the action.
Certain gas expenses are associated with sending NFTs, as is well known in the crypto sphere. The iPhone manufacturer, however, said in the conversation that these expenses had to be paid through the business’s exclusive in-app purchase system because Apple wants to keep 30% of the gas price.
Based On Coinbase Wallet
In other words, Apple has implemented additional regulations to safeguard its profits at the expense of customer investment in NFTs and developer innovation throughout the crypto ecosystem.
The wallet service provider continues by saying that if Apple knew how blockchains and NFTs functioned, it would be plain to them that their plan “is simply not conceivable.” Coinbase stated that “even if we tried,” they could not comply with Apple’s system since it does not enable crypto payments.
Although Apple customers who own NFTs would be immediately impacted by the regulatory change, Coinbase asserted that an even larger problem would result from it.
More specifically, according to the exchange, Apple “made it a lot difficult” for those with an NFT in their iPhone wallet to move that NFT to other wallets or even to give it as a gift to a friend or family member.
The Twitter thread stated, “We hope this is an oversight on Apple’s part and an inflection moment for additional talks with the ecosystem.
The in question recent policy modification directly affects NFTs. According to Section 3.1.1 In-App Purchase,
“Applications may employ in-app purchases to sell non-fungible tokens (NFTs) and services associated with them, such as minting, listing, and transferring. As long as NFT ownership does not unlock features or functionality within the app, apps may let users examine their own NFTs.
Users of applications may explore NFT collections held by others, provided no buttons, external links, or other calls to action are present that point users to alternative buying options to in-app purchases.”
However, it is unclear how the Apple team determined that their in-app purchase system was capable of handling receiving a portion of these costs, which are also not set and altered often depending on a variety of pertinent criteria.
Meanwhile, the CEO of Coinbase, Brian Armstrong, tweeted on Thursday that Apple Store is a monopoly and called some of his interactions with the tech giant “absurd.”