Apple has blocked Coinbase Wallet updates and is forcing you to use its purchase system for NFT transfers (which charges a 30% fee)

Apple has blocked Coinbase Wallet updates and is forcing you to use its purchase system for NFT transfers (which charges a 30% fee)

On Thursday, Coinbase tweeted that Apple blocked the latest update to their Wallet app because it wanted NFT transfers to go through its 30 percent fee-based purchase system.

According to Coinbase, this is impossible for several reasons, one of which is important: Apple’s system does not support cryptocurrency payments.

While some NFT markets allow you to buy digital tokens with traditional fiat currency (such as the US dollar), the fees that Coinbase talks about are a different matter altogether. In blockchains like Ethereum that use many NFT projects, any transaction will incur a fee that will be paid by the users. Fees are collected in cryptocurrencies such as ETH. And when you want to give someone an NFT for free, you will have to pay interest.


Python development

Master a popular programming language to earn from $1300 a year

REGISTER!Python development

Importantly, no part of the fee goes to either Coinbase or the person receiving the NFT. The amount of the fee can also vary depending on a number of factors, such as the price of the cryptocurrency or the number of people trying to get transaction confirmations. In other words, Apple’s shopping system isn’t set up for this.

In October, Apple updated its guidelines for using the App Store, including allowing apps to make cryptocurrency payments under certain conditions:

  • crypto exchanges will be able to make payments only if they have regional licenses;
  • financial transactions must be made through Apple’s purchasing system only.

Applications may use in-app purchases to buy and sell services related to non-fungible tokens (NFTs), such as minting, listing and transfer. Apps may allow users to view their own NFTs and NFT collections owned by others, provided that the Apps do not contain buttons, external links or other calls to action that direct customers to purchase mechanisms other than in-app purchases.โ€

The wording that Apple used here will also cover ordinary transfers – when you simply move an NFT between your wallets or send it as a gift.

Coinbase hopes it’s just a mistake and that it can work things out with Apple, though those talks could be strained after its CEO tweeted that the App Store is a monopoly and some of Apple’s decisions are “absurd.”

It looks like Coinbase will have to work around the new rules if Apple is really set on getting a fee for a regular NFT transfer, as they are now advising users to download the Coinbase Wallet Chrome extension.

Spotify previously said the App Store rejected their audiobook purchase system three times for violating the rules. To comply, the service had to hide audiobook prices and sell them outside of the main program, via email. Spotify could sell audiobooks through the App Store’s internal purchasing system, but it would have to pay a 30% commission, putting the service’s products at a disadvantage compared to Apple Books.

Spotify accused Apple of “anti-competitive behavior” – the company prevented the service from selling audiobooks in the application

Source: The Verge

Related Posts

Chinese nuclear weapons developer uses Intel and Nvidia hardware – despite being on US ‘export blacklist’ since 1997

The US continues to tighten restrictions on chip exports to China, but some companies have been on the US blacklist for decades. For example, China’s nuclear weapons…

Spotify surpasses 205 million paid subscribers and 489 million monthly active users – fourth quarter report

Spotify’s financial report for the fourth quarter of 2022 comes a week after the company announced that it was laying off 6% of its staff (just under…

DC Studios and James Gunn presented 10 new films and series of the superhero film universe

DC Studios and James Gunn, who is responsible, together with Peter Safran, for the development of the DC film universe, revealed the full list of tapes that…

The most interesting new films of February 2023

February cannot boast of a large number of interesting movie news. But let’s not forget that this is the shortest month of the year. In addition, the…

The main trailer of the animated film “Mavka. Forest Song” based on Lesya Ukrainka’s play (premiere – March 2, 2023)

A month before the national film premiere, the Animagrad studio published the second trailer of the animated film “Mavka. Forest Song”. In the video, viewers will see…

Views of “The Last of Us” increased by 12% – the dramatic third episode was viewed by 6.4 million viewers

HBO’s adaptation of Naughty Dog’s game of the same name continues to show an increase in viewership with each new series: the debut was watched by 4.7…

Leave a Reply

Your email address will not be published. Required fields are marked *