Apple has asked 30% of all NFT transfer gas costs, according to Coinbase Wallet
Coinbase Wallet said that Apple’s proposal was “obviously impossible” and that “Apple’s In-App Purchase mechanism does not handle cryptocurrencies.”
Coinbase Wallet said on December 1 that Apple has rejected its most recent application update and demanded 30% of all NFT transfer gas costs.
According to the crypto wallet service provider, this was the reason why iPhones could no longer be used to transmit NFTs.
Coinbase wallet said that Apple’s proposal was “obviously impossible” and that “Apple’s proprietary In-App Purchase mechanism does not handle cryptocurrencies.”
The crypto wallet service provider characterized Apple’s 30% request as an effort to “grab a piece of the costs for every email transmitted through open Internet protocols.”
The Coinbase Wallet stated: Apple has implemented new regulations to safeguard its revenues at the cost of customer investment in NFTs and developer innovation across the crypto ecosystem.
Previously, the crypto community has voiced worry over Apple’s 30% cut on NFT sales made via in-app transactions.
In October, the tech giant announced that app developers will be permitted to issue NFTs. However, these NFTs cannot be used to unlock further material or features. Apple also said that developers might tweak their applications to support bitcoin transactions on just approved exchanges.
The cryptocurrency community responded harshly to this revelation, with Epic Games CEO Tim Sweeney stating, “Apple’s goals are purely financial.”
The 30% charge was instituted by Apple CEO Steve Jobs in 2008. The technology company offers discounted fees of 15% to developers earning less than $1 million each year.