Monday, January 30, 2023

Coinbase Says Apple’s App Store Blocked Its App Release on NFTs in Wallet

Coinbase Global said on Thursday customers using Apple’s iOS will not be able to send non-fungible tokens (NFTs) on the cryptocurrency exchange’s wallet anymore.

“Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30 percent of the gas fee,” Coinbase Wallet added in a tweet.

Coinbase said it would not be able to comply with the requirement even if it tried as the iPhone maker’s proprietary in-app purchase system does not support crypto.

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“Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem,” said Coinbase, adding the policy was similar to Apple trying to take a cut of fees for every email that gets sent. over open internet protocols.

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Apple did not immediately respond to a Reuters request for comment on the matter.

The 30 percent fee has been a contentious point between the world’s most valuable company and other app developers like Spotify and Fortnite maker Epic Games, which have accused the company of misusing its “monopoly”.

Coinbase’s issue with Apple comes at a difficult time for the crypto exchange, whose shares are down roughly 80 percent so far this year. The company has also cut jobs to manage expenses as investors lose appetite for cryptocurrencies.

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NFTs, which are digital assets that exist on the blockchain and carry unique digital signatures, exploded in popularity in 2021 but have seen demand crippled by the crypto winter in recent months.

Cryptocurrencies have been roiled as higher interest rates and worries of an economic downturn force investors to dump risky assets with the recent collapse of rival exchange FTX also piling pressure on the industry.

© Thomson Reuters 2022

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