In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.
Members of NFT Community Upset by Apple’s 30% Commission on NFT Sales
Tech giant Apple is looking to treat NFT sales like in-app purchases, invoking up to a 30% commission on NFT purchases through various apps on the App Store. Some in the crypto community have voiced their distaste by calling it “grotesquely overpriced” and blaming Apple for “crushing” a new and evolving technology. Some services may end up withdrawing from the App Store due to the commission, but some see a possible upside to the situation. More apps being listed on the App Store “could put an ETH wallet in every single mobile game onboarding 1B+ players!”, said CEO of Limit Break Gabriel Leydon. Hopefully Apple can strike a deal with more NFT-focused platforms to simultaneously grow the NFT community and be profitable.
Prices of GPUs Fall Drastically After the Ethereum Merge
Prices of GPUs (Graphics Processing Units) have fallen drastically over the past three months and continue to fall after the Ethereum Merge. For example, merchants in China have seen the price of high-end GPUs decrease from over $1100 to around $700. When Bitcoin mining was at its highest popularity last year, both individuals and large mining companies were purchasing GPUs, driving the price sky-high. It is important to note that Ethereum was previously Proof-of-Work, meaning that Ethereum mining was quite popular as well. Now that Ethereum runs on a Proof-of-Stake consensus, miners aren’t needed anymore and as a result, GPUs are not needed for that purpose. Now consumers can enjoy significantly lower prices on GPUs and other computer components.
Blockchain Software Firm Veritaseum Suing Coinbase Over Patent Infringement
Blockchain-based software firm Veritaseum is seeking $350 million in damages in a lawsuit against cryptocurrency exchange Coinbase, citing patent infringement. The large figure is justified by Veritaseum by pointing out that Coinbase “gained substantial profits by virtue of its infringement” and that the company sustained damages as a result of Coinbase’s actions. The patent, called patent 566, deals with “novel devices, systems and methods, which enable parties to enforce value transfer agreements with little or no trust in each other”. Coinbase reportedly used this patent in many of its services and has been notified of patent infringement since July of this year.