{"id":20376,"date":"2022-12-01T23:44:26","date_gmt":"2022-12-01T23:44:26","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/01\/coinbase-removes-nft-transfers-from-ios-app-following-dispute-with-apple\/"},"modified":"2022-12-01T23:44:26","modified_gmt":"2022-12-01T23:44:26","slug":"coinbase-removes-nft-transfers-from-ios-app-following-dispute-with-apple","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/01\/coinbase-removes-nft-transfers-from-ios-app-following-dispute-with-apple\/","title":{"rendered":"Coinbase removes NFT transfers from iOS app following dispute with Apple"},"content":{"rendered":"

<\/a>\n
<\/p>\n

\n

Coinbase Inc. is the latest company to have issues with Apple and its App Store policies, claiming that it has been forced to remove non-fungible token transfers from its iOS wallet as Apple wants a cut of the transfer fees.<\/p>\n

Non-fungible tokens, better known as NFTs, rose to popularity in late 2020 and while interest in them has dropped precipitously<\/a>, there is still an active market for buying and selling them. Most NFTs reside on the Ethereum blockchain and transfers on the blockchain require \u201cgas,\u201d a transaction fee, to make a transfer \u2013 it\u2019s a fee that all users may pay to perform any function on the Ethereum blockchain.<\/p>\n

Apple, for unclear reasons, now thinks it\u2019s entitled to a 30% cut of the gas fee of any NFTs transferred using Coinbase. The case is unlike other disputes with Apple wherein developers, most notably Epic Games Ltd.<\/a>, argue that Apple\u2019s 30% cut is unfair. At least when buying items in Fortnite, Apple is taking a cut out of Epic Games\u2019 profits \u2013 there\u2019s nothing to take from Coinbase as it\u2019s not a fee they receive, keep and\/or profit from.<\/p>\n

\u201cFor anyone who understands how NFTs and blockchains work, this is clearly not possible,\u201d Coinbase wrote in a tweet<\/a>. \u201cApple\u2019s proprietary In-App Purchase system does not support crypto, so we couldn\u2019t comply even if we tried.\u201d<\/p>\n

Coinbase claims that the move \u201cis akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols.\u201d Due to Apple\u2019s stance, iPhone users who own NFTs now have difficulties transferring their NFTs to other wallets.<\/p>\n

\u201cSimply 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,\u201d Coinbase added.<\/p>\n

Coinbase is not the only company that has had issues with Apple recently and it won\u2019t be the last. Along with the aforementioned Epic Games, Meta Platofrms Inc. Chief Executive Officer Mark Zuckerberg attacked Apple at the Dealbook Summitt yesterday<\/a>, claiming that Apple\u2019s status as the gatekeeper of its app marketplace isn\u2019t good for anyone but Apple.<\/p>\n

\u201cIf you look at all the major competing platforms that have existed \u2014 iOS, Android, Windows \u2014 Apple stands out,\u201d Zuckerberg said. \u201cIt is the only one where one company can control what apps get on the device. I don\u2019t think it\u2019s sustainable or good.\u201d<\/p>\n

Although now apparently resolved, Twitter Inc. owner Elon Musk also attacked Apple<\/a>, claiming that Twitter faced being banned from the App Store. The dispute was then resolved \u2013 at least for now after Musk gained assurances from CEO Tim Cook that Apple had no plans to remove the Twitter app from the store.<\/p>\n

Image: Coinbase<\/h5>\n
\n
\n

Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.<\/span><\/h3>\n<\/div><\/div>\n