Coinbase Wallet added in a tweet: “Apple’s claim is that gas fees required to send NFTs must be paid through the in-app purchase system, so they can charge you 30% of the gas fee.”
Coinbase said it wouldn’t be able to comply with the requirements even if it tried because the iPhone maker’s in-app purchase system doesn’t support crypto.
“Apple has introduced new policies to protect its profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem,” Coinbase said, adding that the policy is similar to Apple trying to charge a fee on every email sent. over open internet protocols. Apple did not immediately respond to a Reuters request for comment.
The 30% fee has been a point of contention between the world’s most valuable company and other app developers like Spotify and “Fortnite” maker Epic Games, who have accused the company of abusing its “monopoly.”
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Coinbase’s trouble with Apple comes at a difficult time for the cryptocurrency exchange, whose shares are down nearly 80% so far this year. The company has also cut jobs to manage expenses as investors lose their appetite for cryptocurrency.
NFTs, which are digital assets that reside on a blockchain and hold unique digital signatures, exploded in 2021, but have seen demand weaken due to the crypto winter in recent months.
Cryptocurrencies have been in turmoil as rising interest rates and fears of an economic downturn force investors to dump risky assets with the recent crash of rival exchange FTX adding pressure to the industry.