NFT trading: Apple wants its share of the pie but Coinbase refuses

Coinbase Wallet IOS users will no longer be able to transfer NFTs to their wallet due to the deactivation of the functionality by the American exchange. A decision conditioned by Apple’s new policy for NFT-related transactions.

No NFT trading for Coinbase Wallet IOS users

If you are using Coinbase Wallet and have an iPhone, you will no longer be able to trade NFTs on your wallet. The American exchange announced to its customers that it was obliged to suspend the NFT exchange functionality on its platform for IOS users, due to the new policy adopted by Apple for this type of good.

“You may have noticed that you can no longer send NFTs to Coinbase Wallet iOS. This is due to Apple blocking our latest version of the app until we disable this feature.”

Indeed, in its new guidelines policy for the AppStore, the Cupertino-based firm requires developers and exchangers to implement a fixed tax of 30% on NFT transactions in their applications. If it is not integrated, the application will be removed from the Apple store.

“Apple claims that the gas fees required to send the NFTs must be paid through its In-App purchase system, so that it can collect 30% of the transaction fee.”

Can we read in a Coinbase post on Twitter

For the American crypto exchange, the giant GAFAM’s new rules for NFTs are unintelligible and unsuitable because its “purchasing system does not support cryptocurrencies”. So Coinbase claims that even if it would have wanted to apply the fixed 30% tax for NFT transactions, it could not have. Thus, there was no choice but to remove the NFT trading option from his Wallet.

Apple criticized for abuse of position

It’s not just the crypto universe that has gone toe to toe with the $2 trillion-valued company. Earlier this week, Elon Musk denounced the censorship maneuvers of Apple which would intend to remove Twitter from the AppStore.

For some, it is more than necessary to have an alternative to the products and services offered by the giants of GAFAM. In a response to one of Coinbase’s posts, Austin Federa, communications manager at Solana, said:

“Today it’s Apple, but tomorrow it could be Google. We need a third option”

Austin refers in particular to the smartphone that the foundation will launch in 2023, the Saga. But, the Solana Phone will take time to compete with the GAFAM giants. This is why Coinbase hopes that Apple reconsiders its decision for NFT trading.

“We hope this is an oversight on Apple’s part and an inflection point for further conversations with the ecosystem. @apple – we are here and want to help”


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