Apple Blocked Coinbase Wallet With Claim to Pay 30% NFT Transaction Fee
Coinbase exchange has disabled NFT transfers on its iOS wallet app, because of a dispute with Apple over purchase policies. Apple blocked Coinbase Wallet on Apple’s argument that the gas fees needed to send NFTs needed to be paid through their In-App Purchase system, so they could charge a 30% gas fee.
Coinbase has stated on Twitter that Apple has blocked the release of their app update, which has prevented users from sending NFTs using Coinbase Wallet iOS.
This action will have the greatest impact of this policy change by Apple on iPhone users who own NFT. That is, if you keep NFT in your iPhone wallet Apple will make it easier for you to transfer that NFT to another wallet or give it to a friend or family member.
Accordingly, the tech giant required Coinbase to “pay tax” on 30% of gas fees from NFT transactions. Coinbase also expressed extreme displeasure at the tech giant’s actions.
“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. This is akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols.”
In a nutshell, Apple has introduced new policies to protect their bottom line at the expense of consumer investment in NFT and developer innovation across the crypto ecosystem.
As was updated in an earlier Coincu News article, On October 24, Apple updated its App Store policy. Apps can allow users to view the NFTs they hold, but ban users. Use the NFT to unlock additional “features or functions”. This means that Apple allows Web3 startups to sell NFTs directly and pay directly with Apple Pay. But Apple charges a commission of up to 30% on NFT transactions made through the iOS app.
Immediately after the policy was released, the community strongly condemned it, saying that the policy was unreasonable. NFT startups and businesses say they’re bypassing the App Store because of these new regulations.
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