Tech giant Apple has begun enforcing its 30% tax on non-fungible token transactions. The software company announced imposing gas fees for every transaction on its mobile app store in October.
Coinbase Defies Apple’s 30% Tax On NFTs
Unfortunately, things are not moving as anticipated for Apple, and it has received heated backlash from the crypto community. , Coinbase, a crypto exchange and digital collectibles marketplace, is leading the defectors describing the move as impossible.
In a December 1 blog post, the crypto exchange expressed its disgruntlement with the imposed 30% tax on Apple stores. Coinbase has decided to disable NFT transfers on its wallet iOS App.
Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee.
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
According to Coinbase, Apple wants to drain a 30% fee on any transaction fees paid on NFT transfers. The crypto exchange further explained, “For anyone who understands how NFTs and crypto works, this fee is completely impossible and unbearable, especially amid the ongoing general bear market.
More Crypto Firms Condemn Apple’s Tax Move
Ryan Wyatt, the former YouTube executive and the CEO of Polygon Studios, supports Coinbase, describing Apple’s 30% tax as “Criminal.” Wyatt believes Apple’s tax will forever hold back technological progress due to its monopoly over the industry.”
Austin Federa, the Head of Communications at Solana, has also shared his disgruntlement on Apple’s 30% tax move. “Today, it was Apple, but tomorrow it could be Google. We need a 3rd option,” Solana’s top executive remarked.
Today it was Apple, but tomorrow it could be Google.
We need a 3rd option https://t.co/QNcsXUa6cJ
— Austin Federa (@Austin_Federa) December 1, 2022
Coinbase has condemned Apple, citing that it has introduced new policies to protect its profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.
Nonetheless, Coinbase believes this decision is simply for “an oversight,” hoping that Apple might review its decision. The crypto exchange believes Apple’s strict NFT fee policy will make mainstream adoption of NFTs more difficult amid the bear market.
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