“We hope this is an oversight on Apple’s behalf,” Says Coinbase as Apple imposes its 30% tax rule, which was passed in their updated app policy on Monday, 24th of October 2022 on them, thereby forcing them to disable their mobile non-fungible transfer feature on wallets on iPhones. Now, NFT can no longer be sent on Coinbase wallet iOS.
You might have noticed you can't send NFTs on Coinbase Wallet iOS anymore. This is because Apple blocked our last app release until we disabled the feature. 🧵
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
Apple says in their updated policy that their apps/products may foster transactions involving cryptocurrencies on an exchange. Additionally, they stated that apps were not permitted to use their mechanisms to access information or functionality for cryptocurrency wallets. For this reason, Apple has hindered Coinbase’s last app update release, requesting a 30% gas fee and an NFT in-app purchase. Since Apple’s exclusive in-app purchase system does not support cryptocurrency, according to Coinbase, it is impossible even if they tried.
People derided Apple as money hungry, and they, seeing that there is massive use of their products, decided to impose rules that leave consumers with no other option but to comply, and that if they have their way with this, who knows what they’ll demand next? Some say Apple is digging its grave as technology is about to find its way out. Others complained about how they have been finding it difficult to remove their cryptocurrencies from their wallets for days. Others talk about changing from being an iPhone user to being an Android device user.
According to Coinbase, iPhone users who have NFTs stored in their wallets will struggle to move those NFTs to other wallets or give them as gifts to loved ones. “NFT owners who use iPhones are mainly impacted by this regulation change. Apple has suddenly made it far more challenging to transfer or gift NFTs to friends and family if you have some in your iPhone wallet. According to Coinbase, Apple is attempting to charge a fee for each email sent using open Internet protocols.
The existence of alternatives to this problem has been questioned. If they can’t send non-fungible tokens (NFTs) out of their Coinbase wallet, some people wonder how they can handle it. It is believed that Apple is policing the Internet with this action. When there are other options, alternatives, or decisions Apple might make to increase profits from their apps and products, why exactly do they still require a 30% tax or gas fee?