The Apple tax is one of the most controversial topics in cryptocurrency today.
In 2017, Apple introduced support for crypto tokens on its App Store. This meant that developers could easily build apps that used Ether, Bitcoin, Litecoin, Ripple, Stellar Lumens, and many others. However, there was a catch. Developers had to pay Apple a fee every time someone sent ether to their app.
This fee was called the Apple Tax. While it wasn’t initially clear how much the tax would cost, it soon became apparent that it was quite high. For example, Coinbase charges 0.25% per transaction, while Circle charges 2%.
As a result, some companies like Coinbase Wallet chose to stop offering crypto nft token transactions altogether. Others, such as Binance, simply stopped supporting the feature entirely.
However, Apple didn’t just want to charge a flat fee. They wanted to take a cut of each transaction. So, they added a clause to their contract that required developers to pay Apple 30% of the total amount of gas spent during a transaction.
While this might seem like a small percentage, it adds up quickly. If you send $1 worth of ether to a smart contract, you’ll end up paying about $0.30. And since the average transaction costs around $2, that means you’re paying 30 cents out of every dollar.
Of course, this isn’t the only way Apple taxes are applied. There are also fees associated with sending bitcoin, litecoin, ripple, stellar lumens, etc. These fees vary depending on the currency, but they add up.
The post The Apple Tax Comes For Coinbase and NFTs appeared first on NFT CULTURE.