In a chain of tweets made yesterday by Coinbase Global (NASDAQ:COIN), the cryptocurrency exchange platform revealed that its iOS wallet app users will be unable to send non-fungible tokens (NFTs) going forward.
Apple (NASDAQ:AAPL) demands 30% of the gas fees from any NFT transactions done on the iOS app. Coinbase stated that it is “clearly not possible” to fulfill Apple’s demand because the latter’s in-app purchase system does not support cryptos. Also, Coinbase is of the opinion that Apple’s new policies seek to safeguard profits at the cost of consumer investment in NFTs.
As a result of this conflict, iOS users who own NFTs will likely face the biggest challenge when transferring or gifting that NFT to other wallets. Nevertheless, Coinbase said that it is ready to work out a solution with Apple.
Is COIN a Buy Stock?
COIN stock has a Moderate Buy consensus rating based on nine Buys, seven Holds, and three Sells assigned in the past three months. The average COIN price target is $75.82, implying 67.48% upside potential. Shares have plummeted by more than 80% so far this year.
