Coinbase Removes NFT Transfers from Its iOS Wallet App

Coinbase Removes NFT Transfers from Its iOS Wallet App

Apple's 30% commission fee continues to bring chaos among NFT service providers. 

Coinbase, an American publicly traded company that operates as a cryptocurrency exchange, has disabled a function allowing users to send non-fungible tokens (NFTs) on its iOS wallet app.

According to the tweet shared by Coinbase Wallet, the move was caused by Apple reportedly blocking Coinbase’s latest app release, as it hasn’t agreed with Apple’s in-app purchase policy. 

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The company claims that Apple wants Coinbase Wallet to pay gas fees using the In-App Purchase system so that the tech firm can collect its 30% of the gas fee. In response to that, Coinbase stated:

For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried.

In its Twitter thread, Coinbase sarcastically compares Apple’s goal to collect gas fees to the one of Apple “trying to take a cut of fees for every email that gets sent over open Internet protocols.” Moreover, the company added:

Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.

According to Coinbase, the new Apple policy makes it harder for iPhone users that own NFTs to transfer them to other wallets or gift them to friends and family. Lastly, concluded its Twitter thread by tagging Apple and stating: “we’re here and want to help.”

The news about Apple’s plans to impose a 30% commission fee on NFT sales started surfacing at the end of September. Although the NFT community wasn’t happy about Apple’s plans, at the end of October, Apple shared an updated App Store Review Guidelines, which revealed that the tech giant is not backing down from its plans.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree