Coinbase’s Wallet iOS app no longer supports NFT transactions due to Apple’s new strict policies on NFTs, which were announcement in October.
“You may have noticed that you cannot send NFT on iOS Wallet Plus. Indeed, Apple blocked our latest app version until we disabled the feature,” the Coinbase Wallet account shared on Twitter on Thursday.
Although NFTs are not completely banned from Apple’s mobile app store, they are subject to a hefty 30% tax on each transaction. If developers are unable to implement this requirement, their app will be blocked from the store.
Coinbase said Apple wants to charge 30% fee on everything gas costs (i.e. transaction fees on the Ethereum network) paid on NFT transfers made through the wallet app, which Coinbase says is “not possible.”
“For anyone who understands how NFTs and blockchains work, this is clearly not possible,” Coinbase said. “Apple’s proprietary in-app purchasing system doesn’t support crypto, so we couldn’t comply with it even if we tried.”
Every time a user makes a transaction on the Ethereum network, even if they are simply transferring an asset like an NFT to another wallet, the user must pay a fee called gas. These costs are necessary for the operation of the network. But they are more complicated than a package and cannot be controlled by a single entity.
Gas prices, measured in gwei but paid in ETH, vary depending on Ethereum network traffic and the efficiency of a system. smart contracts coded. And more advanced users can choose to pay more to place their transaction higher in the queue.
Coinbase is not happy with these restrictions on its mobile app, call Apple’s move “is akin to Apple trying to lower fees for each email sent over open Internet protocols.”
Former YouTube executive and current Polygon Studios CEO Ryan Wyatt took a similar stance, calling Apple’s 30% tax a “criminal.” Wyatt believes the tax will “forever hinder technological progress because of its monopoly on the industry.”
And billionaire Twitter CEO Elon Musk isn’t safe from Apple’s censorship either. express your concerns that Apple might remove Twitter from its store (Musk then met with Apple CEO Tim Cook on Wednesday, and Cook apparently dissipated these concerns).
Coinbase said it hoped the decision was simply “an oversight” and could be discussed in more detail. He also believes that Apple’s strict NFT fee policy will make it more difficult for NFTs to be widely adopted and will make it harder for users to transfer their assets.
“Apple introduced new policies to protect its profits at the expense of consumer investment in NFTs and developer innovation across the entire crypto ecosystem,” Coinbase said.
While crypto enthusiasts on Twitter disparaged Apple’s restrictions today, others highlighted the potential of The phone from the Solana sagaA Web3-native mobile device which is still in development and will not be subject to such restrictions. Its current release date should take place early next year.
“Today it was Apple, but tomorrow it could be Google” said Austin Federa, Solana communications manager, in response to the news. “We need a third option.”
Apple has not yet responded Decryptrequest for comment.