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Unfavorable news about Apple’s fee request is currently making the rounds in the cryptocurrency community. On December 1, Coinbase reported that iOS devices blocked NFT transfers using Coinbase Wallet. Their In-App Purchase system “must be utilized to pay the petrol charges necessary to supply NFTs.”

The iOS version of Coinbase Wallet no longer supports sending NFTs following new conditions from Apple. Apple forbade users of the Coinbase wallet app from upgrading to its most recent version until the feature was disabled.

If Coinbase took this action, it would be paying the infamous “Apple tax” and handing the tech giant 30% of the costs associated with Ethereum gas. According to Coinbase, whose In-App Purchase technology does not support cryptocurrency, this was impossible.

Hence, the exchange would be unable to comply even if it tried. Apple claims that the gas costs required to transfer NFTs must be covered through their In-App Purchase system for them to be able to retain 30% of the gas fee.

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The Mythical Apple Tax

Apple has established new rules to protect business profits at the price of consumer investment in NFTs and developer innovation across the whole crypto ecosystem. Nevertheless, the exchange wishes to resolve the situation with Apple soon, even though it expressed bitterness at Apple’s decision.

However, this is unlikely, given the latter’s firm stance on these principles. The Apple tax has come under increasing criticism over the last 18 months.

The most notable incident involved Epic Games, the studio responsible for the hugely well-liked video game Fortnite. It became clear that an “Apple tax” wouldn’t be easily overturned after the latter lost that legal battle.

Elon Musk joined the clamor of opponents of taxation, albeit his remarks have also come under immense criticism. Musk asserted that Apple imposed a “hidden” 30% surcharge, although this was never a secret.

Recently, there has been tension between Musk and the tech giant around the potential removal of Twitter from the App store. However, the new Twitter owner asserted that both parties had resolved the matter.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.