Coinbase, one of the largest exchanges in the market, recently announced that they disabled mobile NFT transfers.
Apple recently updated its in-app purchase policy. They made all as fees subject to a 30% tax. Because of this, Coinbase decided to stop NFT transfers in the mobile app.
In the announcement, Coinbase implied that Apple does not understand how blockchain and NFTs work. Moreover, Coinbase also stated that users cannot pay Apple’s In-App Purchases using crypto, making it much more difficult for NFTs to be traded on the mobile app. Check the thread below for the full announcement:
But Coinbase is not the only one affected by Apple’s policies. Other marketplaces may have had to disable their mobile applications because of Apple’s policies.
In the last few weeks, not only Coinbase, but a lot of crypto exchanges have been under pressure. This comes after the fall of FTX, which caused a ripple effect throughout the crypto market. User activity, the Coinbase stock, and large company layoffs have made Coinbase’s November quite difficult. Now, with the NFT transfers on the mobile app disabled, we’ll have to see whether it may have any effect on the demand for Nft collections on Coinbase.
In other news, Elon Musk had some tension with Apple. However, they presumably resolved that as Apple met with Tim Cook, Apple’s CEO.