Apple’s NFT Restrictions May Stifle Consumer Investment and Innovation

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.

By Evey Lovelace

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