The cryptocurrency exchange Coinbase now claims that Apple pressured it to abandon its non-fungible token (NFT) functionality, which enables users to transfer their digital assets.
The crypto exchange asserts that the iPhone manufacturer prevented its upgrade from being published in the Apple App Store until the NFT transfer capability was removed.
This time, Coinbase has stated in a recent tweet that the aforementioned feature is no longer available in its iOS app.
Coinbase Blames Apple for NFT Transfer Feature Shut Down on its iPhone App
According to Markets Business Insider, the mobile wallet Coinbase already stopped supporting NFT transfers for iOS or iPhone users on December 1st.
According to the cryptocurrency service, the Cupertino-based tech behemoth was to blame, claiming that the App Store’s restrictions forced the mobile wallet to abandon its transfers feature.
The exchange acknowledged in a tweet that NFT transfers were no longer possible for iOS users.
You might have noticed you can’t send NFTs on Coinbase Wallet iOS anymore, according to the Coinbase Wallet Twitter account.
The crypto service notes that Apple is solely to blame for the abrupt shift in its iPhone app. That’s “because Apple prohibited the publication of our most recent app,” it said.
And it turns out, as Coinbase alleges in its tweet, that the illustrious tech titan will only permit the business to issue its app update provided they remove the aforementioned feature.
Apple Allegedly Wants 30 Percent Cut on NFT Gas Fees
Coinbase revealed in a subsequent tweet that the Apple App Store’s policies allow them to keep about 30% of the gas price from in-app NFT transfers.
The Verge reports that the cryptocurrency service claims that the Cupertino company wants NFT transfers to fall under its in-app purchase mechanism. After that, Apple can begin requesting its 30% commission.
Business Insider claims that it is not only impossible for Coinbase but also for other exchanges. The blockchain technology doesn’t operate in that way.
With their report, The Verge points out that in blockchain projects, the gas fees go directly to the individuals who verify the transaction.
In light of this, the blockchain fee is not earned by Coinbase, any cryptocurrency exchange, or the user who got the digital asset.
Additionally, it is important to keep in mind that the fees change with each transaction. It heavily depends on both the number of people validating the transactions and the extremely volatile cryptocurrency pricing.
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