Crypto Joins Elon’s War on Apple
Apple Triggers Coinbase’s Mobile Wallet to Disable NFT Transfers
The App Store has a policy that garners them a 30% cut on in-app sales from app developers that have over $1 million in annual net sales on their platform. The steep fees originally came to light when Epic Games sued Apple in August 2020. Apple blocked Epic’s game Fortnite after the game developer implemented changes to try and bypass Apple’s revenue cut. The Court ruled that the Apple was not in violation of any antitrust laws and could continue charging the fees on their platform.
In Coinbase’s case, Apple wanted to collect 30% on gas fees needed to send NFTs through the Coinbase Wallet app. Coinbase was forced to halt NFT transfer operations on the app citing that it would not be possible to meet Apple’s demand comparing it to “trying to take a cut of fees for every email that gets sent over open Internet protocols”.
You might have noticed you can't send NFTs on Coinbase Wallet iOS anymore. This is because Apple blocked our last app release until we disabled the feature. 🧵
— Coinbase Wallet (@CoinbaseWallet) December 1, 2022
Magic Eden Partners with Polygon
Magic Eden is the leading NFT marketplace on the Solana blockchain. The Block recently released a research report showing that Magic Eden has commanded between ~70%-95% of Solana NFT trading volume throughout 2022.
Recently, Magic Eden announced an integration with the Polygon blockchain to push further into the NFT and blockchain gaming ecosystems. Polygon is set to become the third blockchain Magic Eden will be available on, after Solana and Ethereum. Magic Eden stated their vision for a multi-chain future in a blog post saying, “In the long run, people will flock to Magic Eden not because of a specific chain, but simply because they love NFTs. Our conviction remains that one day, sooner than we think, NFT traders will be chain agnostic”.
The NFT marketplace made further news this week by announcing a new tool to enforce creator royalties. Creator royalties are a percentage of secondary sales prices that are paid to the creator and are typically set between 5%-10% of sales price. The tool is known as the Open Creator Protocol (OCP) and creators who opt into OCP are protected from their collections being sold on marketplaces that don’t honor royalty fees.
Fidelity Launches Crypto Trading for Retail Clients
Fidelity has begun to roll out their commission-free retail brokerage platform, Fidelity Crypto. The platform currently allows customers to trade bitcoin and ether, but more crypto protocols are being assessed and could be added in the future. Fidelity Digital Assets has already established in-house crypto custodian and trading capabilities and the firm will make money by capturing a 1% spread on trades. Fidelity Crypto joins Robinhood and Binance.US as the only companies offering commission-free crypto trading in the United States, but unlike the other two platforms investors will not be able to deposit/withdraw crypto assets on Fidelity yet.
ICYMI
BNB Chain NFTs have launched on the OpenSea marketplace
Addresses holding more than 1 BTC has crossed 1 million for the first time
Telegram Plans to Build Crypto Wallets, Decentralized Exchange
“History Doesn’t Repeat Itself, But It Often Rhymes”
Attention Podcast Buffs: We’ll be sharing a podcast we’re enjoying each week and would love to hear what you’re listening to.
In the wake of the recent bankruptcies in crypto it is important to look back on similar proceedings and how the industry has persevered.
— Osprey Funds (@OspreyFunds) December 1, 2022
Before We Go:
OpenAI has officially released GPT-3, the world’s largest language model. This powerful new AI technology is capable of producing human-like text in response to prompts.
GPT-3 is a natural language processing model that is trained on a massive dataset of text from the internet. It is designed to generate human-like text based on the context of the input. The model is able to generate text in a wide range of styles, including both factual and creative writing.
GPT-3 is a major breakthrough in natural language processing and has the potential to revolutionize the way we communicate and interact with computers. OpenAI has made a beta version of the GPT-3 model available to the public, allowing users to experience the power of the technology firsthand. To access the model, simply sign up for an OpenAI account and request access to the GPT-3 beta.
We’re excited about the possibilities of GPT-3 and can’t wait to see what new applications are created with this powerful technology. Try it out for yourself and see what GPT-3 can do!
Link to GPT-3 Beta: https://beta.openai.com/
*This description was written by OpenAI by inserting the prompt “article about the GPT-3 release on OpenAI written in newsletter form with a link to the beta”*
