Apple has introduced policies which may restrict consumer investment in NFTs and developer innovation across the crypto ecosystem, according to Coinbase. These policies were announced in October and include a 30% tax on every NFT transaction. If developers are unable to implement the 30% tax, their app will be blocked from the store.
Coinbase’s Wallet iOS application no longer supports NFT transactions because of these policies. Coinbase says that Apple wants to take a 30% fee on any gas fees paid on NFT transfers completed through the wallet app, which Coinbase says is “not possible.”
Every time a user makes a transaction on the Ethereum network, they must pay a fee known as gas. Gas prices vary depending on Ethereum network traffic and the efficiency of a smart contract’s code. Advanced users can opt to pay more to put their transaction closer to the front of the queue.
