February 6, 2023

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Coinbase Removes iPhone NFT Feature Because Apple Charges Gas Fee Commission Tablets, Phones News

Coinbase Wallet says it has disabled NFT transaction functionality in its iPhone app because Apple blocked a recent update. According to the crypto platform, Apple requires a so-called “gas fee” to go through the in-app payment system in order to collect the commission.

Apple requires that gas charges be listed through the in-app payment system, however According to Coinbase Is this impossible and unjustified. This transaction fee is paid to entities to validate NFT transactions and is usually paid in cryptocurrencies. Apple’s payment system will not support cryptocurrencies.

Additionally, Coinbase criticized Apple: “Anyone who understands how NFTs and blockchain work knows that this is clearly not possible. Apple’s payment system does not support cryptocurrencies, so we cannot collaborate even if we wanted to.” The platform continues: “This is similar to if Apple were to charge a commission for every email sent over open IP.”

In the App Store Terms of Use Apple explicitly states that NFT actions are already permitted in apps offered through the ecosystem, but payments must be treated as in-app purchases, according to the edge. Apps may use in-app purchases to sell and provide services related to NFTs, including coinage Show [van nft’s] It’s not clear how this rule should be interpreted if Apple’s in-app purchase system doesn’t support it, or if someone gives away the NFT but the third party receives the transaction fee.

A gas fee is a fee that is paid to third parties to validate a transaction, in this case, NFTs. Because Non-fungible tokens Decentralized, the parties must be assigned, as it were, to check every step of the transaction. Someone who sends an NFT, whether it’s a sale or a gift, pays a small fee to the entity that authenticates the transaction. Every step, from purchase to sale and from purchase to NFT transfer, costs such fees.

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It is not currently possible to trade or send NFTs through the Coinbase iPhone app. Among the platform’s tweets, users reported that as a workaround, you can simply trade and send NFTs via the desktop version of Coinbase.