Coinbase announces it has disabled NFT transfers and other features from its Wallet on the iOS Store. Apple’s new policy regarding in-app purchases where it deducts 30% of earnings from blockchain-based applications has become the new enemy of the Web3 world.
Coinbase came on Twitter to share that Apple’s in-app purchase system is unsuitable for cryptocurrencies. Although fiat currency purchases are quite common, with NFTs and blockchain, it’s a whole different story. In other words, the world’s richest phone company has adopted an anti-NFT move, preventing mass adoption among iOS users.
The best way to explain why this is unfair is if a person wants to gift an NFT to their friend, blockchain incurs a gas fee to transfer the digital collectible but Apple cuts 30% from that fee.
“Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried,” the Coinbase team tweeted.
This is because the gas fee is highly influenced by a variety of situations such as traffic on transactions; there’s no fixed fee for any NFT transfer, but the policy of Apple is stagnant, which can cause a huge loss to the wallet.
“Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem,” the team added.
Following the situation, Apple hasn’t said anything regarding its policy. However, the Coinbase Wallet is still available on iOS App Store for download.
