Apple has refused the latest update to the Coinbase Wallet app on iOS, due to its excessive requirements for non-fungible tokens (NFTs). But this time, Coinbase refuses to play the game: the platform prefers not to offer its services rather than set up the exorbitant fees requested. A skirmish that risks spreading to other crypto projects.
Coinbase and Apple at deep disagreement over NFTs
We explained it to you a few months ago: Apple now authorizes the sale of NFTs on the applications listed on its services… But on one condition. The Tech giant indeed reserves 30% commission on sales: an absurdity for the majority of the Web3 community. Especially since, as Coinbase specifies, Apple’s in-app payment system does not take into account cryptocurrencies :
For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried.
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
“Anyone who understands how NFTs and blockchains work will understand that this is clearly not possible. […] We could not meet this request even if we wanted. »
Coinbase also draws a parallel: it is the same principle as if Apple decided to take a commission for all emails sent. Hence a major consequence for users of Coinbase Wallet on iOS: these will no longer have access to sending NFTs.
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For Coinbase, Apple’s reluctance simply hamper the ecosystem :
Simply put, Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
” To put it simply, Apple has introduced new policies that protect its profits at the expense of consumer investment in NFTs and developer innovation in the crypto ecosystem. »
We also remember that Apple had voluntarily limited the use of NFTs within the applications listed on its Apple Store. Non-fungible tokens cannot be used to unlock features. This effectively confines them to a collection role.
The crypto community of course regrets that Apple is holding back when it comes to integrating NFTs – mostly apparently for the sake of increasing its profits. For its part, Coinbase said it was open to discussion.
History could repeat itself with other NFT related apps. Will this be enough to change Apple’s policies? We can wonder about this, as the Tech giant is historically inflexible about its processes.
👉 Also in the news – is Apple planning to release a movie about Sam Bankman-Fried and the FTX affair?
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Source: Coinbase via Twitter
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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